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Saudi Arabia’s induction into the BRICS alliance threatens the US dollar’s prospects as the de-facto currency for oil payments. Mohammed Al-Jadaan, Saudi Arabia’s Finance Minister announced a week before the 15th BRICS summit in August that the Kingdom was considering dropping the US dollar for international oil trade. The statement ruffled a lot of feathers in the US and the Western world but was welcomed by developing countries. Also Read: BRICS: Argentina Ditches US Dollar For IMF Payment, Pays Chinese Yuan Oil is Saudi Arabia ’s primary and most valuable natural resource. The Kingdom exports millions of barrels of Oil every year to both developing and developed countries in the West. Al-Jadaan’s comments indicate that Saudi Arabia might someday accept all local currencies for Oil payments and not the US dollar. The move comes straight from the BRICS playbook as the alliance is looking to bring the US dollar down by controlling the Oil se...

The conflict in the Middle East between Israel and Palestine is proving to be expensive for new BRICS member Egypt , as the US dollar sharply spiked by 50% in the country’s foreign exchange black market. The development is stunting the growth of an already ailing economy in Egypt making the US dollar stronger in both the legal and forex black market. Also Read: BRICS: Global Power Dynamics Shifting From the West One US dollar is officially worth 30.90 Egyptian Pounds (EGP), according to the traditional foreign exchange market. However, the same value puts the Egyptian Pound range from 45 to 47 EGP against the US dollar. BRICS member Egypt’s currency is at a record low against the US dollar in both the traditional and black market. The move brings inflation into Egypt as basic commodities, mostly exports, will rise tremendously. Egypt is directly impacted by the ongoing Israel and Palestine conflict as it shares a border with the country. Also Read: BRICS: Indi...

The US dollar is rising against the Chinese yuan, and the Communist country is worried about the development. The US dollar is ending on a new high at a time when the China-led BRICS are looking to derail their growth. The dollar’s increase against local currencies lately has got authorities in China, India, and Japan worried. To counter the US dollar’s rise, China announced a new rule that its financial institutions must hold foreign currency deposits by a third only. Also Read: U.S. & European Union React to BRICS Expansion However, in the latest update, China’s Central Bank has ramped up the rule and is scrutinizing bulk US dollar purchases by domestic firms. China tightened its scrutiny on US dollar purchases by domestic firms as the Yuan faces depreciation in global markets. Domestic firms that need to purchase $50 million or more will now need approval by the People’s Bank of China. “The approval process will be extended,” said ...

The Chinese ambassador to Iran, Chang Hua, said that China supports Iran’s entry into the BRICS bloc. Iran has expressed its interest to join the BRICS alliance and accept the new currency for cross-border transactions. The next BRICS summit will be held in South Africa in August and the bloc will decide the expansion by inducting new countries into the group. Iran aims to enter BRICS and trade in the soon-to-be-released currency and end reliance on the U.S. dollar. Also Read: BRICS : India To Settle Trade With UAE Using Rupee, Ditches U.S. Dollar The U.S. has imposed several sanctions on Iran for sponsoring terrorism-related activities around the world. Therefore, Iran ’s economy is struggling to cope with the sanctions and it is looking at alternative ways to revive its GDP. China maintains positive relations with Iran by allowing the country to bypass sanctions and settle transactions in the Chinese Yuan. The Communist country is convincing developed natio...

Bloomberg published a report this year indicating the probabilities of a recession in major economies country-wise. The report highlighted that the U.S. and other Western allies have higher chances of slipping into a recession than the developing economies. The U.S. has a 65% chance of falling into a recession and BRICS member India has a 0% chance of a recession. India’s GDP is growing at a rapid pace and touched $3.75 trillion in 2023. Also Read: BRICS: 130 Countries Move Towards CBDC Currency, US Dollar in Jeopardy Goldman Sachs recently predicted that India will overtake the U.S. as the second-largest economy in 2075. Read here to know more details about the prediction for a better and more in-depth understanding. JUST IN: 🇮🇳 India to overtake US as world's second-largest economy by 2075, Goldman Sachs says. — Watcher.Guru (@WatcherGuru) July 10, 2023 Therefore, India can do without the BRICS alliance as its economy remains much str...

BRICS is looking to create a new currency to take on the U.S. dollar on the international stage for cross-border transactions. China’s President Xi Jinping is moving to convince several countries to settle trade with the Chinese Yuan. France recently settled an LNG gas trade with the Chinese Yuan and not the U.S. dollar. In addition, Yuan is now the top traded currency in Russia and not the USD. The development is adding strain on the dollar’s prospects and challenging its supremacy as the world’s reserve currency. Also Read: What Happens to the U.S. Dollar if BRICS Launch New Currency? JUST IN: China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades. — Watcher.Guru (@WatcherGuru) March 29, 2023 However, despite the aggressive efforts, China does not want the Chinese Yuan to replace the U.S. dollar, reported Business Insider. While the Yuan is the top contender to take on the dollar, China does not want it t...

According to the latest report by Bloomberg, the U.S. dollar is sliding 10 times faster than the last two decades. The U.S. dollar now represents about 58% of the global reserves, down from 73% in 2001. Developing nations’ experimenting with the de- dollar ization initiative is speculated to currently lead dollar ’s decline. The dollar has dropped nearly 15% in the last two decades and continued to slide with fears of an upcoming BRICS currency. Also Read: Will Canada & Mexico Join BRICS To Eliminate U.S. Dollar’s Dominance? Source: Bloomberg / Eurizon SLJ Capital Since 2016, the dollar lost nearly 11% of its market share. Developing nations’ replacing the USD for international trade picked up steam making the dollar face threats of a global collapse. BRICS: Why Is the U.S. Dollar Falling? Source: presstv.ir Exceptional actions by China and Russia challenged the dollar ’s hegemony and are pulling other nations towards their side. The development has star...