Sunday, June 15, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

BRICS to Completely Ditch the US Dollar in 3 Years

Simon Osuji by Simon Osuji
October 10, 2023
in Business
0
BRICS to Completely Ditch the US Dollar in 3 Years
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The BRICS bank, commonly called the New Development Bank (NDB) officially announced a 3-year plan to completely end reliance on the US dollar. The 3-year de-dollarization initiative will lead to BRICS settling trade in local currencies and not the US dollar. The NDB is finding alternative ways to replace the US dollar from dominating the global financial sector. NDB will provide details to BRICS leaders highlighting the means to diminish transactions made in the US dollar.

Also Read: BRICS Dumps Another $17 Billion in U.S. Treasuries in a Month

BRICS Announce a 3-Year Plan To Ditch the US Dollar

Chinese Yuan US Dollar BRICS Currency
Source: Fortune.com

The NDB has already outlined its first idea of lending loans to other developing countries in local currencies. The bank suggested to stop lending loans in the US dollar and limit the number of settlements in the USD. The move adds pressure on the dollar making it demand to decrease by a smaller margin.

Also Read: BRICS: US Dollar in ‘High Demand’ Amid Israel & Palestine Conflict

However, the 3-year de-dollarization initiative could add further blows to the prospects of the US dollar. The NDB would provide guidelines to boost the usage of local currencies and strengthen the native economy of BRICS nations. Businesses in developing countries could thrive if local currencies are put forward as they don’t lose out on forex charges.

US dollar Chinese Yuan BRICS Currency
Source: thecradle.co

Therefore, the global financial sector could change rapidly by 2026 leading the way to a new world order. The financial power could tilt from the West to the East and developing countries could take the driver’s seat. BRICS already controls 30% of the global economy and the numbers could shoot up if they completely end reliance on the US dollar.

Also Read: BRICS Global Oil Supply Rises From 30% To 41% In 2023

Read here to know how many sectors in the US will be affected if BRICS stops using the dollar for trade. The American economy could be the first to crash as the US will have no means to fund its deficit. The prices of all commodities would skyrocket leading to an imbalance in the economy in the coming years.

In conclusion, if BRICS play their cards well by 2026, the US dollar will lose its power in the international markets. Local currencies will dominate the financial sector and one among them could potentially become the next global reserve currency.

Source link

Related posts

African countries’ response to the escalating Iran-Israel conflict

African countries’ response to the escalating Iran-Israel conflict

June 15, 2025
Egypt stands as the African country suffering the most from Iran’s and Israel’s missile strikes

Egypt stands as the African country suffering the most from Iran’s and Israel’s missile strikes

June 15, 2025
Previous Post

Commercial Metals Company (CMC) Earnings Preview: What to Expect

Next Post

Elon Musk Is Personally Undermining X’s Efforts to Curb Israel-Hamas War Disinformation

Next Post
Elon Musk Is Personally Undermining X’s Efforts to Curb Israel-Hamas War Disinformation

Elon Musk Is Personally Undermining X’s Efforts to Curb Israel-Hamas War Disinformation

Leave a Reply Cancel reply

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

RECOMMENDED NEWS

Mohammed Bin Rashid Library wraps up GITEX Global 2024 participation

Mohammed Bin Rashid Library wraps up GITEX Global 2024 participation

8 months ago
Dubai Blockchain Center and Cardano Foundation forge strategic partnership

Dubai Blockchain Center and Cardano Foundation forge strategic partnership

9 months ago
BRICS To Take Loans in Chinese Yuan, Ditch US Dollar

BRICS To Take Loans in Chinese Yuan, Ditch US Dollar

1 year ago
Slow pace of veterans’ pension pay-outs worrying

Slow pace of veterans’ pension pay-outs worrying

1 year 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
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    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.