Is the US Dollar Losing Its Grip? Explore the growing trend of BRICS nations and others moving away from USD dominance in international trade. The BRICS alliance—Brazil, Russia, India, China, and South Africa—alongside new members Egypt, Ethiopia, Iran, the UAE, and Indonesia—is moving toward de-dollarization, seeking to establish alternative currencies and payment systems for cross-border transactions.

India, Egypt Explore Ditching US Dollar for Trade

In the latest adherence to the BRICS de-dollarization efforts, India and Egypt have held discussions in attempts to ditch the US dollar within their trade relations. Indeed, both nations are actively considering using their respective local currencies, the Indian Rupee and the Egyptian Pound, for bilateral trade settlements. This move aims to reduce reliance on the US dollar, mitigate exchange rate risks, and boost economic cooperation between India and Egypt.

De-Dollarization: A BRICS Priority

The push for de-dollarization isn't limited to India and Egypt. It's a broader strategy within the BRICS framework to challenge the US dollar's long-held status as the world's reserve currency. The bloc is actively promoting the use of national currencies for trade and investment among its members, as well as with other nations.

The UAE and India's Stance

While the conversation around a potential BRICS currency continues, not all members are fully aligned on a single replacement for the USD. While the Brazilian suggestion is not widely accepted among member states, India and the UAE, which share close ties with the U.S, are favorably disposed toward trading in their own currencies. This pragmatic approach highlights the diverse economic interests and geopolitical considerations within the BRICS alliance.

Stay informed about the evolving landscape of global trade and the potential impact of de-dollarization on the world economy. Follow our updates on BRICS, India, Egypt, and their efforts to move away from the US dollar.