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BRICS overthrows the dollar: Russia and India rely on their own currencies!
BRICS: Russia & India trade 90% in local currency, reduce USD dependency, could influence US markets.
BRICS overthrows the dollar: Russia and India rely on their own currencies!
BRICS rocks the financial world! The powerful alliance of Brazil, Russia, India, China and South Africa is pushing ahead with de-dollarization at full speed. Local currencies instead of dollars – that’s the new deal. The USA is left out and the dollar hegemony could begin to falter. The goal of the BRICS countries is clear: weaken the monopoly of the US dollar and create a new balance of power, more brazenly towards the East.
A bang from India and Russia! The two BRICS giants transacted goods worth a whopping $64.5 billion in their local currencies in 2024, rather than dollars. And that's just the beginning! Russian Ambassador to India Denis Alipov confirmed that a whopping 90% of direct payments between the two nations were made in national currencies. Not only that, there are talks to use national payment systems Mir and RuPay for commercial transactions. watcher.guru provides further information.
For the USA, this development could be a bitter blow, if not a real stab in the back of the dollar's strength. It remains to be seen how far the BRICS countries will go, but one thing is certain: the financial world should wrap up warmly!