Leaders from the economies of Brazil, Russia, India, China, and South Africa (BRICS) are gathering in South Africa for the 15th summit to discuss de-dollarization. Several leaders insist the goal is not an anti-West tirade but a means to reduce the dollar’s role in international trade.

South Africa’s finance minister told reporters the quest is to fund developments in BRICS countries with local money. Long-term, the bloc leaders want to increase trade in their own currencies.

BRICS Leaders Won’t Reduce Dollar Use For Now

In addition, there have been discussions around a common currency they could adopt for international trade. So far, South Africa has resisted withdrawing from SWIFT and reducing its use of the dollar.

In April, China and Brazil dumped the US dollar to conduct international trade in their respective currencies. Two months later, sancti

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Author: David Thomas

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