BRICS Ambassador Shatters Dollar-Centric World, Embraces Change
In a recent media briefing, Anil Sooklal, an African Ambassador and BRICS official, expressed that the dominance of the US dollar is waning.
The group of economically aligned nations, including Brazil, Russia, India, China, and South Africa, aims to strengthen economic ties among its members by conducting trades and settlements in their respective national currencies.
According to Sooklal, the US and its allies’ imposition of financial and economic sanctions on Russia due to the conflict in Ukraine has accelerated BRICS’ shift away from the dollar.
He emphasized that the world is moving towards a multipolar global trading system, marking the end of a dollar-centric era.
While BRICS is committed to reducing its reliance on the dollar, Sooklal clarified that there are no discussions about launching a new global currency during the upcoming summit.
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Recently, reports suggested that the economic alliance might unveil a gold-backed currency during the 15th BRICS Summit in South Africa, aimed at providing an alternative to the US dollar, backed by credit.
However, Sooklal did not confirm this and stated that it is not on the summit’s agenda.
Alexander Stefanov
Reporter at CoinsPress
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