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Brazil, China, Russia, India and South Africa will no longer use the dollar

Brazil, China, Russia, India and South Africa will no longer use the dollar

The heads of the BRICS countries (Brazil, Russia, India, China and South Africa) stressed the importance of encouraging the use of local currencies, instead of the dollar, in international commercial and financial transactions, as stated at the conclusion of their fifteenth annual meeting. group top.

Moreover, the BRICS countries have mandated finance ministers and central bank governors to draw up a plan to not use the dollar as a payment instrument in transactions between countries.

BRICS leaders concluded their 15th annual summit on Thursday (24) in Johannesburg. The final declaration of the summit states that all BRICS leaders are committed to promoting the use of local currencies instead of the dollar.

They stressed that they are aware of the broad benefits of fast, cheap, transparent, secure and comprehensive payment systems, and that this system can be implemented in local currencies better than the dollar.

“We highlight the importance of encouraging the use of local currencies in international commercial and financial transactions between the BRICS countries and their trading partners,” the summit statement said.

The end of the dollar era

In addition, the advertisement encourages the strengthening of banking networks in each country and settlements in local currencies.

“We instruct our finance ministers and/or central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and to report back to us until the next summit,” the statement said.

Russia will assume the presidency of the BRICS group in 2024 and will host the 16th summit of the group in Kazan.

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The declaration also makes clear that the BRICS countries recognize the essential role of the BRICS Bank in promoting the infrastructure and sustainable development of its member states.

In addition to Brazil, Russia, India, China and South Africa, BRIC has Bangladesh, the United Arab Emirates and Egypt as members, with Uruguay as a potential member.

The BRICS economic bloc invited six countries to become new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Earlier, South Africa, the host of this year’s BRICS summit, said that 23 countries have formally applied to join the group.