African Ambassador and BRICS official Anil Sooklal says the glory days of the US dollar are in the rear view mirror.
At a media briefing, the BRICS diplomat told reporters the group of economically aligned nations is shifting away from the world’s reserve currency, reports Reuters.
Sooklal says BRICS, which is made up of Brazil, Russia, India, China and South Africa, is looking to strengthen economic ties among member nations by settling trades in their own national currencies.
“What we have said and we continue to deepen is trading in local currencies and settlement in local currencies.”
Sooklal adds that the decision of the US and its allies to impose financial and economic sanctions against Russia for the war in Ukraine has catalyzed the move of the economic bloc to shift away from the dollar.
“BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions… The days of a dollar-centric world are over. That’s a reality. We have a multipolar global trading system today.”
While highlighting the bloc’s commitment to circumvent the dollar, Sooklal says that BRICS will not discuss the idea of launching a new global currency during its summit next month.
“There’s never been talk of a BRICS currency. It’s not on the agenda.”
Earlier this month, reports surfaced that the economic alliance was gearing up to unveil a gold-backed currency at the 15th BRICS Summit in South Africa. The currency was reportedly designed to compete against the “credit-backed” US dollar.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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