BRICS Takes on Dollar Hegemony: Iran Supports Local Currency Framework
Iran’s Supreme Leader Ayatollah Ali Khamenei highlighted the importance of reducing reliance on the U.S. dollar in global trade, particularly within BRICS nations. Iran, facing sanctions, advocates for using local currencies in BRICS transactions to enhance financial sovereignty.
The trend toward dedollarization is growing, with BRICS members now accounting for 65% of trade in national currencies. Khamenei stressed that this shift is crucial for addressing economic challenges, while other coalitions like ASEAN are also exploring alternatives to the dollar. The move aims to reduce risks and increase economic autonomy by bypassing dollar-based sanctions.
Clever Robot News Desk 24th January 2025