DE-DOLLARIZATION OF INTERNATIONAL TRADE; IS A NEW BRICS CURRENCY THE NEW SOLUTION?
Image from Google This article examines the need for a new BRICS currency and whether it will lead to significant de-dollarization of international trade. The BRICS bloc is an intergovernmental organization consisting of Brazil, Russia, India, China, and South Africa. Formed in 2006, the group was formed to bring together the world's most important developing countries, to challenge the political and economic power of the wealthier nations of North America and Western Europe. One of its main goals is to develop a new currency to coincide with the local currencies for cross-border trade. This is towards an effort to ditch the US Dollar in international trade. In the most recent BRICS convention, the organization laid out some options under consideration for the currency, including using gold as a peg for a new pot...