BRICS Currency in Development, Officials Confirm

Amid the bloc’s continued de-dollarization plans, officials have confirmed that a BRICS currency is currently in development. Iran’s ambassador to Russia, Kazem Jalali, recently stated that both Russia and Iran were collaborating on the project, according to a TASS report.

Additionally, Jalali said that diplomatic relations between Russia and Iran are currently in the midst of a “golden age.” The latter joined the economic alliance as part of its inaugural expansion effort at the bloc’s 2023 annual summit, becoming one of five nations to join the expanded BRICS.

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BRICS Currency Officially in Development

Over the last year, the BRICS economic alliance has formulated a comprehensive strategy to implement a multipolar world. Indeed, it has continued to embrace competition with the West as it seeks increased de-dollarization policies. Now, the bloc may be in the midst of formulating the US dollar’s greatest challenger year.

The BRICS alliance has confirmed that a native currency is officially in development, according to a TASS report. Specifically, the Iranian ambassador to Russia, Kazem Jalali, discussed the work of both Russia and Iran in bringing the project to fruition.

“The creation of a new single currency within the framework of the association is what Russia and Iran are working on,” the official stated. Moreover, he noted that “more than 60% of bilateral trade” between the countries is settled in either rubles or rials. Thus, strengthening the overall flourishment of the local currency promotion within unilateral BRICS trade.

Also Read: BRICS: IMF Confirms US Dollar Is in Jeopardy

The plan will only continue to create a more diversified global economy. Although the United States dollar enjoys unprecedented dominance, that has significantly lessened over the last year. In 2023, reports note that one-fifth of all oil trades were made in other local currencies.

The greenback will only face increased opposition through the implementation of another widely used global currency. It is no secret that nations across the globe are seeking dollar alternatives. That is clearly seen in the gold rush that central banks throughout the world have been enthralled by throughout this year.

The creation of a BRICS currency will give many of these countries another option for global trade. With the alliance growing every year, it will only increase the number of nations that are completing cross-border transactions with the currency. Ultimately, this should further the bloc’s de-dollarization efforts to greater effect.