BRICS Trade Payments: A Shift to National Currencies is Here!

The shift to national currencies in BRICS trade payments is gaining momentum, signaling a significant departure from the traditional US dollar dominance. As the BRICS alliance continues to strengthen economic ties, the implications for global trade flows and financial sovereignty are profound. The move towards currency diversification and dedollarization is a strategic response to the limitations of the current international monetary system. The majority of trade payments made by BRICS countries are in their national currencies with around 90 per cent of transactions taking place within the international association. In this video, we’ll delve into the emerging trends in BRICS trade and finance, exploring how the shift to national currencies will impact economic alliances, trade blocs, and the global economy as a whole. From Brazil’s growing trade with Russia and China to India’s increasing economic influence, we’ll examine the opportunities and challenges arising from this tectonic shift in the global economic landscape as  Rhod Mackenzie looks at how the BRICS payments to each other are bypassing the dollar and euro.

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