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The U.S. dollar reached a 10-month high against all local currencies, including the BRICS bloc, and the USD is now keeping global oil prices under pressure. The strengthening of the U.S. dollar is a cause for concern as oil prices remain under pressure in international markets. The U.S. gains more than that of BRICS countries as exports become more expensive for developing countries. Crude and Brent oil are experiencing a dip in the markets as the U.S. dollar reigns supreme in September. Also Read: US Economy Could Settle Into a Long & Slow Grind, Predicts Economist Source: OilPrice On the other hand, gold declined against the U.S. dollar due to sell-offs from global investors. The gold index (XAU/USD) dipped to 107 on Thursday, falling from a high of 119 last week. The precious metal fell below the crucial support of $1,900 this week, which in turn is strengthening the U.S. dollar. The development puts the BRICS alliance in a corner as the bloc aims to challenge the US ...

BRICS is looking to create a common currency using GOLD that could challenge the US dollar in the international trade sector. The speculation comes after BRICS countries China, India, and Russia splurged on accumulating GOLD this year. The top buyers of GOLD in 2023 will be the Central Banks of the BRICS countries, according to the World Gold Council. BRICS aims to make their yet-to-be-released currency take on the US dollar and topple it from its global reserve status. This puts the American economy under pressure, as the US will have little means to fund its deficit. Also Read: BRICS: Elon Musk Reveals Why Other Countries Are Ditching US Dollar BRICS Common Currency Could Be Linked To Gold Source: Dailyfx.com Economist Jim Rickards revealed in a recent video conference that the upcoming currency could be linked to GOLD . He stressed that BRICS might not be backed by GOLD but could be “ GOLD -linked” when it’s launched in the global markets. ...

Saudi Arabia’s Crown Prince Mohammed bin Salman gave a rousing speech on Sunday talking about the future of the Kingdom. Saudi Arabia recently joined the BRICS alliance, and the oil-rich nation is looking to become the “next Europe”. MBS said in the speech that Arab countries will become bigger than Europe in the next five years. He stressed that the Middle East, including Saudi Arabia, Bahrain, Qatar, the UAE, Oman, Jordan, and Lebanon, among others, will have a robust economy. Also Read: BRICS: What Happens if Saudi Arabia Stops Accepting US Dollar for Oil? MBS said that the next global renaissance will begin in the Middle East and become the next Europe in the coming years. “I believe the Middle East will be the new Europe. In 5 years, Saudi Arabia will be a completely different country.” “I want to see the Middle East on top of the world before I die,” Saudi Arabia’s exclaimed Crown Prince MBS. His speech was met with a s...

BRICS Currency: A Potential Threat to the Dollar? Get ready for a currency revolution as the BRICS countries consider introducing a unified currency backed by something that’s never been done before! Speculation runs wild about whether it could be gold, rare-earth elements, or even something more unexpected. Whatever it may be, the backing of this potential currency will be crucial to its stability and acceptance in the global economy. In this article, we’ll explore the BRICS currency, what it will be backed by, and the benefits and challenges yet to come. Source: The North Africa Post What is the BRICS currency? The BRICS currency is a hypothetical common currency the BRICS alliance could adopt. The idea behind the BRICS currency is to create a unified and stable currency to foster economic growth and development. A new currency would reduce dependency on the US dollar and other major currencies. Currently, the BRICS countries use their own national currenci...

The President of France , Emmanuel Macron , cautioned the U.S. and Europe, saying that the world order is changing after the BRICS expansion. Macron warned that the new BRICS alliance could weaken the West and Europe and turn the tides in their favor. He added that the global financial situation is getting “tougher” as BRICS countries become more “complex” to trade with. Also Read: US & Europe To Pay in Local Currencies For Oil After BRICS Expansion? The latest BRICS expansion runs the risk of “weakening the West and Europe in particular”, said Macron to French Ambassadors in Paris. “Our international order is being challenged,” he said referring to BRICS using local currencies for trade settlement. BRICS Expansion Could Dethrone the US & Europe, Warns France’s Macron Source: Teresa Suarez, AFP France settled an LNG gas trade with China in March by paying the Chinese Yuan and not the US dollar. BRICS members China, Russia, and In...

Indonesia had formally applied to join BRICS and was one of the 23 countries that expressed their desire to be a part of the bloc. However, the alliance inducted only six countries and left out the other 17 nations. The six new countries inducted into BRICS are Saudi Arabia, the UAE, Argentina, Egypt, Iran, and Ethiopia. So why was Indonesia left out of BRICS , and what made the alliance keep the application pending? In this article, we will explain the reasons why Indonesia was left out of being inducted into BRICS at the 15th summit in Johannesburg. Also Read: BRICS GDP Reaches $31 Trillion With New Members BRICS: Why Was Indonesia Left Out? Source: tempo.co Indonesia ’s President Joko Widodo said days before the summit that the country does not wish to “rush” membership despite formally applying to join the bloc. Many diplomats advised the government against entering the alliance without knowing the benefits it offers beforehand. It is reported that...

India is convincing developed Western countries to trade in the India n Rupee and not the U.S. dollar. BRICS member India recently convinced the United Kingdom (UK) to settle cross-border transactions using the Rupee . The Reserve Bank of India (RBI) facilitated special Vostro bank accounts for other countries to settle imports and exports by paying with the Rupee . For the uninitiated, Vostro is a special bank account that operates domestically but clears remittances on behalf of a foreign bank that transacts in the Rupee . Also Read: BRICS: Iran Could Join Alliance After August Summit The development makes it easier for Indian businesses operating in the UK to easily transfer Rupees to vendors operating from India. Both imports and exports between vendors and businesses in the UK can seamlessly send money through the Vostro bank accounts. Therefore, the rupee’s denomination will remain intact globally but hamper the U.S. dollar by a small margin. The facilitation...

The BRICS alliance plans to launch a new currency backed by gold, reported RT News a month ahead of the summit. Russia has reportedly briefed the bloc on the importance of pegging the soon-to-be-released currency to gold. The move could make it easier to take on the U.S. dollar and challenge its global reserve status. The next BRICS summit will be held in South Africa in August and the formation of a new currency will be laid out. Also Read: BRICS : India Saves $7 Billion by Ditching U.S. Dollar For Oil Trade BRICS to Back The New Currency With Gold Source: DailyFX.com The yet-to-be-launched BRICS currency could be backed by gold and the bloc of five nations are stockpiling the precious metal. In the last 18 months, the BRICS nations have increased their gold buying expenditure to end reliance on the U.S. dollar. Also Read: 6 New Countries To Join BRICS Alliance in August Summit The World Gold Council published a report saying that China purchased 102 tonnes of gold. ...

The country’s Petroleum Minister Musadik Malik disclosed this information to Reuters on a phone call.  According to the minister, the entire transaction involves 100,000 tonnes of oil, but only 45,000 tonnes has been deposited at Karachi with the others on the way. He did not divulge details of the discount which Pakistan received from Russia or the commercial Features of the deal. Still, he suggested that the oil importation is certainly a good buy for Pakistan.  “We’ve run iterations of various product mixes, and in no scenario will the refining of this crude make a loss,” Malik announced. “We are very sure it will be commercially viable.” BRICS Nations to Ditch the U.S. Dollars Importantly, the change in currency notes is a clear effort to inactivate the dominance of the United States dollars as regards international trades. More so, it is a milestone for BRICS foundation member countries; Brazil, Russia, India, China, and South Africa, that have been pushing for d...