“BRICS” lead over “G7”; de-dollarization is on the agenda.
Holding the meeting of the BRICS group focusing on economic issues, especially replacing a single currency instead of the dollar in trade exchanges, has attracted the attention of analysts towards this group and its efforts to become a global economic power.
In an article about the BRICS group, Raei Elium newspaper wrote: Since its establishment in 2009, BRICS has been trying to become a global economic power. Despite all the problems and obstacles facing this group, BRICS has been able to recognize itself as a global power, therefore one of the main issues discussed in the meeting of this group is the determination and creation of a single international currency.
The Saudi Finance Minister Mohammad Al-Jadaan’s statement at the Davos meeting about Riyadh’s investigation into the use of currencies besides the US dollar indicates a possible departure from the policies surrounding oil dollars. Meanwhile, the Bank of Iran is considering the use of domestic currencies in its business dealings with Russia to avoid the dollar. Turkey and the UAE are also heading in the same direction.
