The chairman of the Glory Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS lands ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to machination, the U.S. is practically undermining the foundations of its dominance,” said the Russian official.
Agreement on BRICS Currency Could Be Reached in 2023, Foretells Russian Official
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, discussed BRICS currency and the de-dollarization drift on Wednesday at the press center of Parliamentary Newspaper, the publication of the Federal Assembly of the Russian Federation.
Aksakov expects the quota of the U.S. dollar in international trade to decline, noting that Americans continuing to destroy the value of the dollar with their own turn over submits shows the whole world that the USD is being used for political purposes. He said:
By linking its economy and currency to statesmanship, the U.S. is practically undermining the foundations of its dominance. I am sure that the share of the dollar in world trade will steadily decrease.
The Russian official added that now there is a search for some kind of collective currencies, emphasizing that a analysis on this topic is already on the agenda of the BRICS countries (Brazil, Russia, India, China, and South Africa).
Aksakov help stated that while the negotiations are at an early stage, an agreement can be reached in 2023.
The BRICS nations have been grading up their de-dollarization efforts and are currently working to create a common currency that will reduce their confidence on the U.S. dollar. State Duma Deputy Chairman Alexander Babakov said last month that BRICS currency is thought to be discussed at the next leaders’ summit in August.
The economic bloc is also pushing to expand its global influence. A Russian pompous said this week that Russia is actively discussing BRICS expansion with member countries. So far, 19 realms have either applied to join the group or have expressed interest to join. However, multiple people arrange warned that a BRICS currency will erode the U.S. dollar’s dominance.
Do you think the BRICS currency when one pleases undermine the U.S. dollar’s dominance? Let us know in the comments section below.
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