by Nathan Dewaele
published on Sunday, August 27, 2023 at 1:35 PM •
3 min read
What mainly connects the BRICS is the desire to trade less in dollars. The country bloc stimulates borrowing and trade in its own currency, but a decoupling from the dollar is not yet possible, according to the Indian energy minister.
Why is this important?
At this week’s BRICS meeting, the spotlight was on the entry of six new countries joining the bloc on January 1, 2024. The creation of a new currency and the stimulation of trade in the home currency, at the expense of the dollar, were also discussed.
In the news: the de-dollarization of the BRICS is not a priority for India.
Referring to the international payment system that has relied on the dollar for decades, India’s Energy Minister Hardeep Singh Puri admits that decoupling the dollar is “not that easy”. Puri points to a simple reality: the number of transactions now settled in rupees is simply too low to question the dominance of the dollar. “I wished that
This premium article is exclusive to subscribers
Now read 3 articles for free per month!
Do you think ahead, about tomorrow’s future? Business AM is your guideline through change. Don’t lag behind the facts and be part of Flanders’ fastest growing business website.
Already a subscriber? Log in and get access to all premium articles.
2023-08-27 11:38:13
#India #tempers #ambitions #BRICS #sideline #dollar
