tl;dr
The global financial landscape is on the brink of a significant shift, with nearly 20 countries set to abandon the U.S. dollar in favor of their native currencies for global trade in 2024. This move, spearheaded by the expanding influence of BRICS and its new members, represents a departure from the...
The global financial landscape is on the brink of a significant shift, with nearly 20 countries set to abandon the U.S. dollar in favor of their native currencies for global trade in 2024. This move, spearheaded by the expanding influence of BRICS and its new members, represents a departure from the long-standing USD-dominated system. The trend reflects growing discontent with the dollar’s hegemony in international trade and is rooted in concerns about global financial stability and the U.S. leveraging the currency for foreign policy objectives. This shift signifies a move towards a more multipolar economic landscape, reshaping the future of global trade and finance.
The BRICS bloc, which has recently welcomed new members including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia, is at the forefront of this transition. With its growing clout, BRICS is not only redefining global economic dynamics but also challenging the dollar’s hegemony in international trade. This year, an additional 16 countries are expected to join this de-dollarization mission, further bolstering BRICS’ position as a formidable global economic alliance. Among the prospective new members are 10 ASEAN countries, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These nations have agreed to cease trading in the USD, opting instead for transactions in their native currencies.
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