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BRICS plans ‘multi-currency system’ to challenge U.S. dollar dominance: Understanding Russia’s proposal
The BRICS Cross-Border Payment Initiative (BCBPI) will use national currencies, instead of the U.S. dollar. Russia’s finance ministry and central bank released a report detailing plans to transform the international monetary and financial system.
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Threats to the hegemony of the dollar
JANET Yellen, the U.S. treasury secretary, has finally acknowledged what has been obvious to most people for quite some time, namely that the imposition of sanctions against countries that the U.S. is hostile to, runs the risk of jeopardizing the hegemony of the dollar as the world’s reserve currency.
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BRICS Bank de-dollarizing, promises 30% of loans in local currencies, new chief Dilma Rousseff says
The new chief of the BRICS bloc’s New Development Bank, Brazil’s leftist ex-President Dilma Rousseff, revealed they are gradually moving away from the U.S. dollar, promising at least 30% of loans in local currencies of members.
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The Global South births a new game-changing payment system
Challenging the western monetary system, the Eurasia Economic Union is leading the Global South toward a new common payment system to bypass the U.S. Dollar.
