BRICS: Is the US dollar about to collapse? Local currencies on the rise!

BRICS: Is the US dollar about to collapse? Local currencies on the rise!

The world of money is turned upside down because the powerful BRICS countries are calling for a dollar exit! Yes, you heard that right! Spurred on by China, Russia and Iran, developing nations are now betting on their own currencies rather than the American greenback. This means that the dominance of the US dollar is facing a lot of headwind! As watcher.guru reports, the goal is clear: catapult local currencies to the forefront of international trade. A real kick against the dollar that could pull the rug out from under it globally!

But it's not just talk - it's action! Central banks are diversifying their reserves like never before. Gold, other currencies, even new raw materials are now on the shopping list. According to Cedric Chehab of Fitch Solutions to CNBC, such diverse reserve holdings could provide significant relief to the external sectors of the economy. And then there is China, which, as its economic power grows, is transforming the financial world and accelerating the de-dollarization trend. Former ambassador Marcos Caramuru knows: acting without the dollar could secure BRICS a place at the higher end of the value chain and minimize risks!