Brazil Rejects BRICS Currency But Plans to Reduce US Dollar Dependency

Brazil is each acceptable to seat the 17th BRICS acme successful Rio de Janeiro successful July this year. The presidency volition not beforehand a BRICS currency but plans to trim dependency connected the US dollar, said 4 Brazil authorities officials connected the information of anonymity. The docket of the upcoming acme aims to pave the mode to extremity reliance connected the US dollar.

Also Read: BRICS: India Dumps Billions of US Dollars

The adjacent BRICS acme volition sermon the advancement of cross-border payments and cement policies that similar section currency usage. Read here to cognize however galore sectors successful the US volition beryllium affected if BRICS ditches the dollar for trade. The determination volition bring ostentation successful the US making regular essentials skyrocket and could besides pb to occupation cuts.

Also Read: After Pausing BRICS, Saudi Arabia Invests $600 Billion successful the US

Brazil Will Not Work connected BRICS Currency But Aim to End Reliance connected US Dollar

Source: Reuters

The Brazilian officials revealed that the thought of a communal BRICS currency has not entered method discussions yet, though Brazil’s President Luiz Inacio Lula da Silva was among the archetypal leaders to flout the idea. The authorities officials told Reuters that the adjacent acme volition spot commercialized policies solely focused connected section currencies.

Also Read: India Officially Rejects BRICS Currency, Calls It ‘Impossible’

However, the officials said that reducing reliance connected the US dollar does not mean the confederation targets the West. “It’s not directed against anyone,” said the source. The bloc is besides eyeing multilateral bodies similar the Bank for International Settlements (BIS) for cross-border transactions. Therefore, BRICS currency mightiness not beryllium a world present but de-dollarization volition beryllium kept live successful antithetic forms.

Sources authorities that BRICS does not privation to motorboat a currency owed to Trump’s erratic behavior. The President warned that if the confederation stops utilizing the US dollar, it volition look tariffs connected goods entering the country. “There is nary accidental that BRICS volition regenerate the US Dollar successful International Trade, oregon anyplace else, and immoderate Country that tries should accidental hullo to Tariffs, and goodbye to America!” Trump wrote connected Truth Social.