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BRICS is looking at creating a new currency in the global markets to settle international trade among member countries. The alliance wants to end dependency on the US dollar and give prominence to the soon-to-be-released currency. The bloc of nine countries wants their native currencies to strengthen as keeping the US dollar in reserve poses a risk to their growth. Also Read: BRICS: 10 Local Currencies Outperform The U.S Dollar The uncontrolled $34.4 trillion debt is making developing countries worried as it could leave a negative impact on their economies. Central Banks are now accumulating gold instead of the US dollar to stay away from the USD currency’s debt. For the uninitiated, BRICS countries are the largest buyers of gold accumulating tonnes of the precious metal, reported World Gold Council. BRICS: New About The Currency Source: Getty Images Brazilian Sherpa Mauricio Lyrio gave an update about the happenings of the BRICS currency. The Sherpa confirmed that ...

The new member of BRICS, Iran is urging the alliance to create a new “joint currency” that can be used by member nations to settle cross-border transactions and put an end to the US dollar usage on the global scale. Iran is calling for a joint BRICS currency that can be used as payments for global trade within the 10-member alliance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Russia Makes Huge Announcement On New BRICS Expansion Mahdi Safari, Iran’s Deputy Foreign Minister revealed that the country is keen on the formation of a new joint BRICS currency. The Minister added that Tehran will initiate the process if all members agree to the idea of a joint BRICS currency. A ‘Joint BRICS Currency’ Now On The Cards Source: Financial Tribune BRICS members China and Russia were advancing to dethrone the US dollar with a new currency. However, Iran is now catching up with both nations...

A total of 44 countries are ready to join the BRICS alliance and accept the new currency for cross-border transactions. Developing countries from Asia, Africa, South America, and Europe have expressed interest to join the BRICS bloc months before the summit. A handful of Gulf countries are among the nations that are interested to accept the BRICS currency for global trade. The Gulf countries are Oil -rich and export billions of barrels of Oil to the U.S. and Europe every year. Also Read: 22 Countries Formally Apply for BRICS Membership The Gulf countries currently settle remittances with the U.S. dollar but it may begin to accept the BRICS currency after its formation. The U.S. dollar faces a risk of losing its demand if the soon-to-be-released BRICS currency gets accepted for Oil transactions. In this article, we will highlight the risks the U.S. dollar face if the Gulf countries accept BRICS currency. BRICS: What Happens if Gulf Countries Accept the New Currency...

The BRICS bank, commonly called The New Development Bank (NDB) is looking to provide loans in native currencies and not the U.S. dollar. The bank aims to provide loans in currencies like the Chinese Yuan, Indian Rupee, Russian Ruble, Brazilian Real, and South African Rand. The bank aims to end reliance on the U.S. dollar and avoid foreign exchange which gives the dollar a boost. Also Read: BRICS : China Does Not Want the Chinese Yuan To Replace U.S. Dollar as Reserve Currency The U.S. dollar is unlikely to be the only currency to dominate the world. The BRICS alliance will soon launch a new currency that could create a new financial order. The development could tilt the power from the developed Western countries to developing Eastern nations. The developing countries have robust and massive economy that beats the G7 in GDP and purchasing power parity. BRICS Bank: Native Currency Vs the U.S. Dollar Source: kitco.com / Shutterstock The BRICS bank President Dilma Rousseff sa...

BRICS is an acronym for five of the leading economies in the world: Brazil, Russia, India, China, and South Africa. Together, the nations are looking to establish their own currency, BRICS , in order to decrease the influence of the US in the global trade market by means of de-dollarization. New countries are already in line to join the organization, including Pakistan . Source: Reuters Could Pakistan Join BRICS? Recently, Pakistan placed its first-ever order to purchase Russian crude oil, and the shipment is expected to arrive at a Pakistan i port next month, according to Reuters. This can be an indicator of the potential interest of Pakistan to join BRICS . However, the South Asian nation is in the middle of an economic crisis, which would make it difficult for the adoption of a whole new currency. Currently, Pakistan is looking to revive its International Monetary Fund (IMF) loan program worth $6.5 billion to address the situation. However, until it solves its balance of pa...