USDollar and BRICS
The relationship between the US Dollar and BRICS (an economic bloc comprising Brazil, Russia, India, China, and South Africa) has been a subject of global interest. Here's an overview: US Dollar's Global Dominance The US Dollar has been the world's primary reserve currency for decades, playing a crucial role in global trade, finance, and central bank reserves. It is widely used in international transactions, including oil trade (commonly referred to as the "petrodollar"). BRICS and Economic Strategy BRICS countries, which represent a significant portion of the world's population and GDP, aim to reduce reliance on the US Dollar in their trade and financial dealings. They have taken steps to strengthen their economic cooperation and promote alternative currencies: 1. De-dollarization Efforts: BRICS nations have discussed reducing dependence on the US Dollar for trade by using their local currencies in bilateral trade agreements. 2. BRICS Bank (NDB): The New Deve...