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Argentina became the first country to reject BRICS membership after being invited to join the alliance in August this year. BRICS invited six new countries to join the bloc including Saudi Arabia, the UAE, Egypt, Iran, Ethiopia, and Argentina. The newly elected Argentina President Javier Milei vowed during the campaign trail that he would reject BRICS membership if elected to power. Milei stood by his words and declined the BRICS invitation and now Nigeria is aiming to replace Argentina’s place in the alliance. Also Read: BRICS: 150 Countries To Pay Chinese Yuan, Not USD for Loan Repayment? BRICS: Nigeria Now Looking To Replace Argentina Soirce: A-Z Animals Nigeria experienced a robust economic growth of about 6.6% last year and is expected to continue in the coming years. This puts Nigeria in a suitable position to join BRICS as it brings a strong yet growing economy to the table. The country had formally applied to join BRICS but did not make it in the expansion th...

South African Ambassador Anil Sooklal confirmed in a recent interview that 20 new countries have formally applied to join BRICS . This comes after BRICS inducted six new countries Saudi Arabia, the UAE, Argentina, Iran, Egypt, and Ethiopia into the bloc in August. However, Argentina could be the only country to decline the BRICS invitation and not be a part of the grouping. Read here to know why Argentina is disinterested in joining the BRICS alliance. Also Read: BRICS: De-Dollarization Gaining Steam in Developing Countries Sooklal’s statements indicate that a handful of developing countries are interested in joining BRICS. Developing nations are now looking to strengthen their local currencies by ditching the US dollar for global trade. Read here to know how many sectors in the US will be affected if BRICS stops using the dollar for trade. BRICS: 20 New Countries Apply to Join The Alliance Source: Wikipedia Commons The de-dollarization efforts are gaining stea...

BRICS member India’s local currency the Rupee is falling to a new low on Monday against the US dollar. The Indian Rupee plummeted to 83.38 as the US dollar gained strength against all the BRICS local currencies this month. The Rupee is relentlessly experiencing a dip due to various factors including local and international financial pressure. Despite India’s thriving economy, the Rupee’s lackluster performance in the currency market is a cause of worry for the Modi administration. Also Read: BRICS: De-Dollarization Gaining Steam in Developing Countries Source: Google BRICS: What’s Happening With the US Dollar and the Indian Rupee? Source: Bloomberg The Rupee ’s fall comes after leading global banks and traders were seen bidding for the US dollar and not the Rupee . The move was most likely initiated on behalf of institutional and custodial clients of the global banks. The result led the Rupee to become “sticky in the 5-10 paisa zone near 83.30” said a tr...

BRICS countries Russia, China, and India are looking to replace the US dollar with local currencies for global trade. China is advancing in convincing other developing countries to ditch the US dollar and settle cross-border transactions in local currencies. The Communist nation has convinced Saudi Arabia, Pakistan, Russia, India, and other African countries to pay the Chinese Yuan and not the US dollar for bilateral trade. Also Read: Argentina Has No Interest in BRICS, Says President’s Top Aide On the other hand, Russia is bypassing US sanctions by selling crude oil at discounted rates to developing nations. BRICS member Russia is asking other countries to settle oil payments in the Chinese Yuan or the Ruble. Additionally, India is signing new trade agreements with the UAE and other countries to pay the Rupee for global trade and not the US dollar. The developments indicate that the three BRICS countries want to put their local currencies first and not the US dollar. So wil...

China’s Commerce Minister Wang Wentao delivered a speech at the BRICS summit on behalf of Chinese President Xi Jinping. Wentao began his speech with a veiled attack on the U.S., claiming that America is obsessed with maintaining its global hegemony. The minister also said that the U.S. is obstructing the growth of other developing countries by forcing them to use the dollar. Wentao stressed that every country has the right to chart its own path, and America must stop containing its growth. Also Read: BRICS : Ending Reliance on the U.S. Dollar Main Agenda of Summit While the commerce minister did not specify the U.S. by name, the target and tone remained clear. “Everything we do is to deliver better lives to our people. But some country obsessed with maintaining its hegemony has gone out of its way to cripple the emerging markets and developing countries,” he said. The Minister added, “Whoever is developing fast, becomes its target of containment. Whoe...

A growing number of countries are expressing discontent with the U.S. dollar and America’s global financial policies. The dissatisfaction comes at a time when the BRICS alliance is looking to sideline the U.S. dollar for international transactions. The displeasure against America’s hegemony perfectly coincided with the BRICS summit, when countries were looking at alternatives other than the U.S. dollar. A total of 45 countries have expressed interest in joining the BRICS bloc in the weeks ahead of the summit. 23 countries have formally submitted their applications, while 22 other nations have expressed an interest in joining the group. Also Read: 45 Countries Prepare To Join BRICS Weeks Before Summit 85% of the World’s Population Could Ditch U.S. Dollar if BRICS Launch New Currency Source: thecradle.co Andy Schectman, President of Miles Franklin, says that 85% of the global population could ditch the U.S. dollar “all at once” . If BRICS indu...

BRICS nation China is on a GOLD accumulation spree by stockpiling the precious metal in the country’s reserves. China raised its GOLD holding by 8.09 tons in April, according to data from the State Administration of Foreign Exchange. Apart from China, the other BRICS nations Brazil, Russia, India, and South Africa are also extending GOLD purchases through their respective Central Banks. Also Read: Europe Might Get Ready To Accept BRICS Currency Source: tradingeconomics.com BRICS: Why Is China Buying Large Amounts of Gold? Source: see.news Reports suggest that the soon-to-be-released BRICS currency could be backed by gold and therefore the bloc of nations is splurging on the metal. China is leading the pack by accumulating massive amounts of gold in both Q1 and Q2 of 2023. China has a total of 2,076 tons of gold accumulated in a year after an increase of 120 tons through March. In April, the reserves grew by another 8.09 tons making the BRICS bloc the top buyer of gold. ...

Over the past couple of weeks, international trade has seen efforts taken to diminish the reliance on American currency. Subsequently, the BRICS nations’ GDP and their potential currencies present the greatest threat yet to the US dollar’s dominance. The BRICS collective, comprised of Brazil, Russia, India, China, and South Africa, had officially surpassed the G7 nations in GDP (PPP). Moreover, the development comes as the bloc of nations is hard at work developing their very own currency. Subsequently, to combat the international use of the US dollar An Emerging Market Century? The BRICS are a larger share of the Global economy than the G7. pic.twitter.com/AyEIx2TwTO — Richard Dias (@RichardDias_CFA) March 9, 2023 BRICS Presents Clear Challenge to US Dollar The rising efforts made by the BRICS nations to do away with the international dominance of the US dollar have been well documented. Subsequently, Brazil’s president, Luiz Inacio Lula da Silva, has recently spo...