BRICS announces departure from US dollar, focuses on native currency
In a significant move toward de-dollarisation, the BRICS bloc has declared its intention to move away from the US dollar, instead prioritising the development of its own currency. Russia’s Ambassador to China, Igor Morgulov, made this announcement at a recent peace forum in Beijing, emphasizing the alliance’s dedication to a multipolar world.
Morgulov stated, “We are leaving this space—the dollar-dominated space,” and assured that BRICS is committed to creating new mechanisms and an independent financial system.
The BRICS nations are set on completely abandoning the US dollar to focus on developing their own currency. Morgulov highlighted the bloc’s stance against Western domination, asserting that the West imposes its rule-based order on the rest of the world.
READ ALSO: Why G20, BRICS+ shun Nigeria – Ex-envoys
He criticized the West’s efforts to maintain dominance, stating, “The international community grow weary of the constant blackmailing and pressure from the West to please their new colonial ambition.” BRICS aims to counteract this by increasing its influence and defending common interests.
While acknowledging that creating a BRICS currency will take time, Morgulov reaffirmed the group’s dedication to this goal. He announced that the bloc is officially exiting the “dollar-dominated space” and will focus on their own financial systems.
This announcement follows Indian Prime Minister’s landmark visit to Moscow, where both nations agreed on an expansive economic deal, paving the way for similar actions by other BRICS allies.
Proofreading, editing by Sakinat Musa Abubakar and Jamila Yunusa Suleiman, Editor and Sub- editor at Neptune Prime
