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BRICS’ Bold Move: More De-Dollarization Ahead in 2024

EDITOR'S NOTES

At the KazanForum 2024, the BRICS alliance announced plans to accelerate their move away from the US dollar in 2024. Iranian Deputy Foreign Minister Ali Bagheri Kani laid it out clearly: the bloc is building the infrastructure needed to cut ties with the dollar. With China and Russia already handling 90% of their trade without the greenback, this is a serious escalation. As new members are expected to join BRICS, its expansion reinforces the movement to reduce US dollar dominance. BRICS is leading the charge toward this goal, signaling the end of the era of US dollar supremacy.

With the BRICS alliance proving immensely successful in its de-dollarization initiatives, the bloc has announced even more of that development to come in 2024. Specifically, Iranian Deputy Foreign Minister Ali Bagheri Kani has stated the bloc’s continued commitment to ramping up its movements away from the US dollar.

Speaking at the Russia-Islamic World: KazanForum 2024 in Kazan, Bagheri Kani discussed the alliance’s continued efforts. The statement assured that the countries within the alliance will continue to develop the necessary infrastructure across different economic avenues to ensure more fluid anti-greenback transitions.

BRICS Announces Increased De-Dollarization in 2024

For much of the last year, the BRICS economic alliance has facilitated a massive global shift. Indeed, countries like China have sought to decrease the international prevalence of the US dollar. Specifically, they have sought increased gold holdings and local currency promotion for this purpose.

Russia and China have already ditched the greenback in 90% of their dealings. However, the BRICS alliance has announced there will be even more de-dollarization in 2024. Specifically, Iran recently discussed the development of infrastructure to support the transition.

Iran was one of the five countries that joined the bloc in its inaugural expansion plan. Specifically, it arrived alongside Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Ethiopia. Moreover, the country recently noted its work alongside Russia on a BRICS native currency.

Through its recent policies post-BRICS admission, Iran has fully committed to the abandonment of the US dollar. Now, it appears as though a massive aspect of the bloc’s continued growth Is establishing similar commitments from every alliance member.

With the 2024 economic alliance summit nearing, it is likely that the bloc will introduce even more countries into its ranks. Indeed, the geopolitical sector is expecting another expansion initiative that introduces 5–6 new BRICS members.

The expanded de-dollarization plan will only be strengthened by these new participants. Moreover, any native currency development will also benefit from more countries taking part in its testing and integration on a global scale.

This article originally appeared on Watcher.Guru

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