BRICS Not Seeking to Abandon Dollar

BRICS is not planning to abandon the use of the US dollar, according to a statement by Brazilian Foreign Minister Eduardo Saboya, as reported by TASS.

Saboya noted that it doesn’t make sense for BRICS nations to move away from the dollar, especially since these countries hold significant dollar reserves. He emphasised that the members of BRICS are not trying to oppose the United States or other nations; instead, their work focuses on facilitating mutual settlements and trade operations.

There has been discussion about creating a single currency for trade among BRICS countries and establishing an alternative to the SWIFT interbank system ahead of the association’s summit in Kazan, scheduled for October 2024. However, specific agreements have yet to be reached.

Russian Deputy Foreign Minister Sergei Ryabkov mentioned that Russia is passing the “baton of de-dollarisation” to Brazil.

In late November, US President-elect Donald Trump threatened to impose 100% tariffs on BRICS members if they rejected the dollar.

Kursiv Uzbekistan also reports that Uzbekistan will gain BRICS partner status starting January 1, 2025.