What essentially binds the BRICS countries is the desire to trade less in dollars. The state bloc stimulates borrowing and trade in its own currency, but decoupling from the dollar is not yet possible, according to India’s energy minister.
Why is this important?
At this week’s BRICS meeting, it was highlighted that six new countries would join the bloc on January 1, 2024. The creation of a new currency and stimulating trade in local currency at the expense of the dollar were also discussed.In the news: De-dollarization of the BRICS countries is not a priority for India.
- Referring to an international payment system that has relied on the dollar for decades, India’s Energy Minister Hardeep Singh Puri admits that decoupling the dollar is “not that easy”. Puri points out a simple fact: The number of transactions now settled in rupees is simply too few to question the dominance of the dollar.
- “I hoped so
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