BRICS announce even more de-dollarization in 2024

As the BRICS alliance has proven immensely successful in its de-dollarization initiatives, the bloc has announced even more progress in that regard in 2024. Specifically, Iranian Deputy Foreign Minister Ali Bagheri Kani has declared the bloc’s continued commitment to intensify its moves away from the US dollar.

Speaking at the Russia-Islamic World Forum: Kazan 2024 in Kazan, Bagheri Kani spoke about the alliance’s continued efforts. The statement assured that countries within the alliance will continue to develop the necessary infrastructure in different economic pathways to ensure smoother anti-dollar transitions.

us dollar currency banknote usd bricsus dollar currency banknote usd brics
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Also read: BRICS: China announces pilot for cross-border use of digital yuan

BRICS announces further de-dollarization in 2024

For much of the past year, the BRICS economic alliance has facilitated massive global change. In fact, countries like China have tried to decrease the international prevalence of the US dollar. Specifically, they have sought to increase gold holdings and promote the local currency for this purpose.

Russia and China have already abandoned the dollar in 90% of their transactions. However, the BRICS alliance has announced that there will be even more de-dollarization in 2024. Specifically, Iran recently discussed developing infrastructure to support the transition.

Iran was one of five countries to join the bloc in its inaugural expansion plan. Specifically, it arrived alongside Saudi Arabia, the United Arab Emirates (UAE), Egypt and Ethiopia. Additionally, the country recently highlighted its work together with Russia on a native BRICS currency.

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Also read: BRICS: Economist blames US government for inflation

Through its recent post-BRICS admission policies, Iran has fully committed to abandoning the US dollar. Now, it appears as if a huge aspect of the bloc’s continued growth is the establishment of similar commitments by all alliance members.

As the 2024 economic alliance summit approaches, the bloc is likely to introduce even more countries to its ranks. In fact, the geopolitical sector expects another expansion initiative that will introduce between five and six new BRICS members.

The expanded dedollarization plan will only be strengthened by these new participants. Furthermore, any development of a native currency will also benefit from more countries participating in its testing and integration on a global scale.

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