Tuesday, July 22, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

BRICS Is Not Dumping US Dollars, Says Strategist

Simon Osuji by Simon Osuji
November 1, 2023
in Business
0
South Africa Makes Huge Announcement on U.S. Dollar Supremacy
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Recent data from the US Treasury shows that BRICS members China, India, and Brazil dumped $18.5 billion in treasuries and dollars since last month. While China sold $16.4 billion worth of government bonds, India offloaded $1.5 billion worth of US government-backed securities. On the other hand, Brazil trimmed its reserves by $600 million in US treasury holdings in the last 30 days.

Also Read: BRICS: De-Dollarization Becoming a Reality

However, despite the sell-off, Izak Odendaal, the Chief Investment Strategist at Old Mutual Wealth said that BRICS did not coordinately attempt to get rid of the US dollars. Odendaal highlighted that the three BRICS members offloading US dollars’ shows the dominance of the USD and not vice versa.

The move from BRICS to offload US treasuries indicates that the countries are looking to protect their domestic interests. The aim is to stop their local currencies from ending at a new low against the rising US dollar. Therefore, the development has little or nothing to do with the idea of de-dollarization, said the analyst.

Also Read: Iraq Shows Interest To Join BRICS Alliance

“This is by no means a coordinated attempt by BRICS countries to de-dollarize. In contrast, it reinforces how dominant the US dollar is. The dollar has been very strong of late as US interest rates will clearly remain higher for longer,” Odendaal said to IOL.

The strategist explained that the US dollar is outperforming all local currencies including the Chinese Yuan and South African Rand. “From a South African point of view, the strong dollar has already put a lot of pressure on the rand, and indirectly, has put upward pressure on local interest rates,” he said.

Rising US Dollar Remains Worrisome For BRICS

US dollar king crown vs brics
Source: nationalinterest.org

The US dollar outperformed all five BRICS currencies since last month and came out on top. The rising US dollar is adding pressure on local currencies to perform and is affecting their import and export sectors. The cost of imports of various goods turned expensive, and in return, led to price rises in BRICS countries.

Also Read: BRICS: Saudi Arabia Lines Up New Trade Deals Beyond Oil

Therefore, to contain the rising US dollar, India and China initiated various methods to keep the USD in check. Read here to know how China resorted to keeping the Yuan from ending on a low against the US dollar.

Source link

Related posts

Top 10 African countries with the lowest fuel prices in July 2025

Top 10 African countries with the lowest fuel prices in July 2025

July 22, 2025
U.S. firm with ex-military ties plots entry into Africa’s top copper-producing nation

U.S. firm with ex-military ties plots entry into Africa’s top copper-producing nation

July 22, 2025
Previous Post

Asia stocks gain before FOMC, yen rises on warning: Markets wrap

Next Post

Toyota to invest another $8B into North Carolina EV battery factory

Next Post
Toyota to invest another $8B into North Carolina EV battery factory

Toyota to invest another $8B into North Carolina EV battery factory

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

AI-based technology could reduce the number of controversial decisions in boxing

AI-based technology could reduce the number of controversial decisions in boxing

6 months ago
XTM Completes Acquisition of QRails, Inc

XTM Completes Acquisition of QRails, Inc

2 years ago
EM&E Group Launches Ferox 6×6 Armored Vehicle

EM&E Group Launches Ferox 6×6 Armored Vehicle

2 months ago
Saudi’s First Avenue Real Estate eyes hospitality foray

Saudi’s First Avenue Real Estate eyes hospitality foray

9 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.