At the end of its fifteenth annual conference, the BRICS coalition of nations (Brazil, Russia, India, China, and South Africa) announced that six more countries will join the economic bloc. Members of BRICS have recently taken steps toward moving away from the dollar, and the addition of oil-producing nations like Saudi Arabia and the UAE have led some analysts to wonder how this may affect the dollar.
“BRICS currently represents around 40% of the world’s population and more than a quarter of the world’s GDP, with that set to increase. The potential new members include three of the world’s biggest oil producers: Saudi Arabia, the UAE, and Iran.”—Associated Press, August 24, 2023
With these energy-rich nations set to join the BRICS coalition, will there be new pressure on the dollar and its position as the world’s reserve currency?
Click on the video link below for exclusive executive insights on this topic from U.S. Money Reserve’s Coy Wells.
Related headlines from around the web:
- The Associated Press: “Iran and Saudi Arabia are among 6 nations set to join China and Russia in the BRICS economic bloc”
- Reuters: “India makes first crude oil payment to UAE in Indian rupees”
- Business Insider: “China is pushing ahead with de-dollarization, hoarding gold for a 10th straight month after slashing Treasury holdings to a 14-year low”
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