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The BRICS alliance is looking to trade in their respective native currencies for cross-border transactions, hints Ambassador Anil Sooklal. The main aim is to sideline the U.S. dollar and give power to native currencies or the yet-to-be-launched tender. The ambassador from South Africa confirmed that the bloc is looking at three different safety pillars. The three pillars include political security, economic prosperity, and financial development. Social interaction among the member states is also an agenda on the cards. Also Read: Ahead of Joining BRICS, Iraq Issues Ban on U.S. Dollar Transactions BRICS ’ decision to launch a new currency or trade in their native currencies will be jointly taken in the next summit in August. In addition, Sooklal confirmed that BRICS has taken the International Monetary Fund (IMF) prediction about an upcoming recession seriously. The IMF predicted that the U.S. could slip into a recession after the second half of 2023. JUST IN: World Ba...

A total of 24 countries are interested in accepting and trading with BRICS currency when it launches on the International stage. The group of developing countries is moving to bypass the U.S. dollar to settle global trade. The dollar’s dominance could weaken if the BRICS currency gains prominence, giving Eastern nations more financial power than the United States. South Africa’s BRICS ambassador Anil Sooklal said that 19 countries have shown their interest to join the alliance, reported Bloomberg. Sooklal confirmed that 13 countries have formally sent applications to join the BRICS alliance. He added that five other countries have informally requested to be a part of the block. Also Read: BRICS Alliance Promoting Native Currency Before Launching New Tender BRICS comprises five countries Brazil, Russia, India, China, and South Africa. Therefore, a total of 24 countries are participating to dethrone the U.S. dollar from its global reserve status. 24 Countries Interested In...