BRICS: Nations Abandoning US Dollar as Reserve Currency in 2024

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For the 2024 summit, the BRICS countries invited Saudi Arabia, the United Arab Emirates (UAE), Egypt, Iran, Argentina, and Ethiopia to participate. Four of these six countries have joined the BRICS bloc and are working towards abandoning the US dollar as their main reserve currency in 2024. Another summit is planned for later this year, with more countries expected to join BRICS in the de-dollarization mission. For much of last year, the growth of the BRICS alliance was a big topic.

In the most important geopolitical event of the year, the alliance’s membership will increase from five to nine members, with Saudi Arabia also likely to soon become a 10-member member. Additionally, we expect to continue these growth efforts. Just a few months ago, India confirmed that the alliance had already agreed to a new six-nation expansion plan. These emerging countries will seek to push for the complete abolition of the US dollar as a reserve currency.

Will British Countries Replace The US Dollar As The World’s Main Reserve Currency This Year?

USD is the world’s main currency. Several countries hold dollars and use them for trade. However, as the US dollar has weakened over the past year. Some countries may be looking to end their dependence on the dollar. The US fight against inflation and interest rate hikes in 2023 makes staying on top particularly difficult. Countries in Africa, Asia, and even the West are interested in the BRICS countries and their mission. As a result, the importance of the US dollar as the world’s reserve currency may decline in 2024. According to reports, Pakistan, Bolivia, Senegal, Cuba, and many other countries have already applied to join BRICS in 2024. In addition to these countries, dozens more have expressed interest in participating. The US dollar is considered the main global reserve currency in these countries, but the possibility of joining the BRICS bloc this year could change that.

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