Another Country Officially Ditches the US Dollar: BRICS De-Dollarization Gains Momentum

On the heels of de-dollarization and sanctions, a new country has officially ditched the US dollar for oil trade. This move signifies a growing trend away from the dominance of the USD in international commerce, fueled by the BRICS alliance.

The decision comes straight from the BRICS playbook, as nations seek greater economic autonomy and reduced reliance on the US currency. BRICS is convincing other developing countries to use local currencies and ditch the US dollar for global trade. The alliance is spearheading the de-dollarization initiative calling for other nations to join this movement.

Adding to the momentum, India and Indonesia, two key members of the BRICS alliance, have officially agreed to abandon the US dollar for cross-border transactions, opting instead to settle trade in local currencies. India and Indonesia have officially agreed to ditch the US dollar for cross-border trade. The two BRICS nations will now conduct transactions using their national currencies.

BRICS members India and Indonesia have officially agreed to abandon the US dollar and settle cross-border transactions in local currencies. The decision to use local currencies aims to boost their economies and strengthen ties within the BRICS framework.

Furthermore, BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Russia reported that 96% of all cross-border transactions between Russia and Iran are now conducted in rubles and rials, marking a significant shift away from the US dollar.

This wave of de-dollarization, driven by BRICS and individual nation-state decisions, raises questions about the long-term future of the US dollar as the world's reserve currency. The trend towards using local currencies for trade is accelerating, potentially reshaping the global financial landscape.