Brazil’s Potential to Drive Full De-Dollarization in the BRICS Alliance

In this edition of Latam Insights Encore, we highlight Brazil’s push for de-dollarization within the BRICS bloc.

Under President Luiz Inacio Lula Da Silva’s leadership, Brazil aims to dethrone the U.S. dollar as the world’s reserve currency, advocating for trade transactions in national currencies. At the recent BRICS Business Forum, Brazil’s Foreign Affairs Secretary, Eduardo Paes Saboia, announced the development of a new payment system, BRICS Pay, which will facilitate transactions among member countries.

As Brazil assumes the BRICS chairmanship next year, its efforts could enhance the bloc’s independence and financial influence, potentially reshaping international trade dynamics.

Clever Robot News Desk 23^th October 2024