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The Commonwealth of Independent States (CIS) bloc, which consists of 12 countries, is advancing payments in local currencies. CIS is ending reliance on the US dollar by aggressively pushing their local currencies for all cross-border transactions. In 2024 alone, around 80% of all trade between the member nations has been settled in local currencies. As the de-dollarization agenda grows, two new countries have settled nearly $37 billion of trade in local currencies. Also Read: BRICS: Global US Dollar Payments Fall Below 50% The de-dollarization initiative is gaining steam as developing countries aim to topple the US dollar from the world’s reserve currency. Only 20% of payments consisted of the US dollar, signaling the greenback decline among emerging economies. Developing countries are ending dependency on the US dollar and plan to push local currencies to take the top spot. 2 Countries Settle $37 Billion Worth of Trade in Local Currencies, Sideline the US Dollar Source: Reuters A...

The BRICS alliance is advancing the de-dollarization agenda by using local currencies and rejecting the US dollar for trade. Russian President Vladimir Putin announced that 85% of trade within the Commonwealth of Independent States (CIS) is successfully settled in local currencies. The development gives higher financial independence for developing countries to reduce dependency on other Western foreign currencies. Also Read: Goldman Sachs Predicts the Future of BRICS Currency The CIS consists of 12 countries – Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. The only BRICS member in the CIS bloc is Russia and the country is pushing de-dollarization to its neighboring nations. The BRICS member is making more developing countries pay local currencies for trade and is sidelining the US dollar. Also Read: 3 US Sectors To Be Affected If BRICS Ditches the Dollar For Trade BRICS: 12 Countries Pay 85% Trade ...