BRICS Exploring Alternatives to U.S. Dollar for Trade Settlements
According to the International Desk of Webangah News Agency, Celso Amorim, international affairs advisor to Brazil’s president, has revealed that BRICS member states are discussing alternatives to the U.S. dollar for international settlements. While not rejecting the dollar outright, the bloc aims to develop mechanisms that offer greater flexibility and independence.
Amorim emphasized, “Many ask if the U.S. dollar is to be abandoned or not. No one has such a plan. The United States is a large country, and its economy is vital for the whole world. However, having an alternative option is still necessary.”
The discussions among BRICS nations involve potential payment mechanisms, including the use of national currencies for trade. Amorim noted that while this is one option, all plans are currently in the development phase. The exploration of alternative mechanisms aims to reduce reliance on a single currency and promote more balanced global trade relations.
In December 2024, Russian President Vladimir Putin cautioned against hastily creating a single BRICS currency, stating that member countries currently have no plans to introduce a common currency. Nevertheless, Putin advocated for increasing the use of national currencies in trade among BRICS members.
