BRICS Accelerates Currency Independence as Brazil Advocates for Dollar-Free Transactions
Brazil’s Finance Ministry has reiterated its commitment to reducing the reliance on the U.S. dollar in trade among BRICS nations, with Secretary Tatiana Rosito emphasizing Brazil’s support for transactions in local currencies.
Brazil has already initiated such trade with China, and the broader BRICS bloc, which includes countries like Russia, India, and China, is actively seeking to transform the global financial system. Despite challenges, such as the continued dominance of the dollar in the private sector due to its liquidity, BRICS aims to lower costs and create more efficient trade by expanding the use of local currencies. However, a common currency for BRICS nations is not currently under discussion.
Clever Robot News Desk 4th April 2025
