South Africa has firmly denied claims that the BRICS nations are planning to immediately replace the U.S.dollar with a new currency. This clarification comes in response to recent threats from former U.S. President Donald Trump, who warned of potential trade sanctions against South Africa if they pursued such a move.
“We are not creating a BRICS currency,” South Africa’s finance Minister Enoch Godongwana stated unequivocally. “We are looking at ways to improve trade and financial transactions between BRICS countries.”
Trump’s comments, made during a recent interview, sparked concerns about potential economic repercussions for South Africa and the broader BRICS bloc. The former president asserted that any attempt to dethrone the U.S. dollar as the dominant global currency woudl be met with swift and severe consequences.
“If they try to do that, we’ll put tariffs on them like you wouldn’t believe,” Trump declared. “We’ll make it very tough for them to do buisness with us.”
However, South African officials have dismissed Trump’s threats, emphasizing that the BRICS nations are focused on strengthening economic ties and promoting financial inclusion, not on undermining the U.S. dollar.
“We are not trying to replace the U.S. dollar,” Godongwana reiterated.“We are simply exploring ways to make trade and financial transactions between BRICS countries more efficient and cost-effective.”
The BRICS group, comprising Brazil, Russia, India, China, and South Africa, has been increasingly vocal about its desire to reduce reliance on the U.S. dollar in international trade. this push for greater financial autonomy has gained momentum in recent years,driven by concerns about U.S. sanctions and the weaponization of the dollar.
while the immediate creation of a BRICS currency appears unlikely,the group’s efforts to develop alternative payment systems and promote the use of local currencies in bilateral trade are likely to continue.
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