On October 11, 2024, BRICS Finance Ministers and central bank governors gathered in Moscow, Russia, for crucial talks on reducing reliance on the U.S. dollar in global trade. This marks a significant step in the group's broader efforts toward de-dollarization. The meeting focused on increasing the use of local currencies for transactions between member countries—Brazil, Russia, India, China, and South Africa—to protect their economies from U.S. sanctions and the volatility of U.S. monetary policy.
Key Discussion Points:
- Local Currency Trade: Nations like Russia and China have already started conducting trade in Chinese Yuan instead of U.S. dollars, setting an example for other members.
- Potential BRICS Currency: Discussions also touched on the long-term goal of developing a common BRICS currency for trade and investment, further reducing dependence on the U.S. dollar.
- New Development Bank (NDB): The ministers emphasized the role of the NDB in financing infrastructure and development projects in member nations, providing an alternative to Western financial institutions.
This meeting highlights the growing momentum behind the de-dollarization agenda within BRICS, a move seen as essential to creating a more multipolar global financial system.
For more details, read the full Reuters report: Top BRICS economic officials stay away from Moscow meeting.
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