BRICS: 85% Trade Settled in Local Currencies, Not US Dollar
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 ...