BRICS Settle 65% Trade in Local Currencies & Not the US Dollar
The BRICS alliance settled 65% of trade among member nations in local currencies and not the US dollar. The usage of the US dollar and Euro has fallen below 35% among the existing members of the bloc. The development signals a strategic shift in ending reliance on the USD and other Western-dominated currencies. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS Advances ‘Multicurrency System’ To Break US Dollar Dominance The de-dollarization agenda gained steam after the White House pressed sanctions on Russia in 2022 for invading Ukraine. Russia and China convinced the BRICS bloc to begin settling cross-border transactions in local currencies and not the US dollar. The move has paid off as several countries are pushing their native currencies for trade settlements. Also Read: North American Countries Start Applying For BRICS Membership BRICS: 65% Trade Settled in Local Currencies, US Dollar Falls Below 35% Source: stra