9 / 11 Relevant items tagged with #Brics
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Latam Insights — IMF States Latam’s CBDC Interest Rises, Lula Emphasizes Bretton Woods Institutions ‘No Longer Function’
[Jun 25, 2023 7:30 PM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, the International Monetary Fund (IMF) reports interest in central bank digital currencies (CBDC) in Latam…
What is De-Dollarization? Exploring the Shift Away From the US Dollar’s Global Dominance
[Jun 24, 2023 11:30 PM] From the latter half of 2022 and continuing into 2023, the concept of de-dollarization has gained significant traction, making its mark on the mainstream media. This surge in attention can be attributed to the concerted efforts of BRICS countries…
Brazil to Push De-Dollarization Agenda at BRICS Meeting
[Jun 23, 2023 10:30 PM] Brazilian President Luiz Inácio Lula da Silva has revealed his intention to raise the issue of de-dollarization at the next BRICS meeting. “Why Brazil and Argentina would trade in dollars. Why don’t we do it in our own currencies? Why…
BRICS: History, objectives and an overview of the global alliance
[Jun 23, 2023 3:07 AM] Explore how the emerging economies of Brazil, Russia, India, China and South Africa cooperate in areas such as economics, development and global governance.
De-Risking From China Will Destroy Western Economies, Think Tank Founder Warns
[Jun 20, 2023 9:30 PM] The founder of a German-based political and economic think tank has cautioned that attempts to de-risk from China “will only lead to the self-destruction of the economies of the West.” She stressed that de-risking policies would hurt their…
Bangladesh Eyes BRICS Invite as Rumors Swirl of Formal Request
[Jun 19, 2023 11:30 PM] In mid-May, several reports indicated that Bangladesh and India were engaging in currency trading using their respective currencies in order to address U.S. dollar liquidity challenges. Recent sources now reveal that Bangladesh is welcoming a…
France’s Macron Hopes to Attend BRICS Summit in South Africa, Report
[Jun 15, 2023 11:30 PM] French President Emmanuel Macron wants to join the leaders of the BRICS nations when they meet in August, according to a press report. While his participation in the multipolar bloc’s summit is uncertain, Macron has already scheduled another summit…
Egypt Applies for BRICS Membership, Seeks Trade in National Currencies
[Jun 15, 2023 9:30 PM] Egypt has filed an application to join the BRICS bloc, Russia’s ambassador to the Arab nation confirmed. The government in Cairo is interested in using alternative currencies in foreign trade, either national fiats or a new common currency, the…
Economist Discusses Viability of BRICS Currency — Says Pegging to Chinese Yuan Would Be ‘First Major Step’
[Jun 14, 2023 11:30 PM] An economist, who previously worked at the Bank for International Settlements (BIS), has provided insights on the possibility of a BRICS currency coexisting with the U.S. dollar. Noting that China is a major trading partner of all BRICS nations, he…
BRICS Bank President Dilma Rousseff Calls for the Creation of a Global South Focused Financial System
[Jun 13, 2023 10:30 PM] Dilma Rousseff, president of the New Development Bank — also known as the BRICS bank — and former Brazilian president, has called for establishing a financial architecture designed for the so-called Global South. In a keynote speech at the 14th…
Honduras Applies to Join BRICS Bank
[Jun 13, 2023 2:30 AM] The government of Honduras has formally applied to become part of the New Development Bank, known as the BRICS bank, in an official visit of Honduran President Xiomara Castro to Shanghai. Honduras is now another country that has requested entry…
Economist Jim Rickards Predicts Unveiling of New BRICS Currency — Says ‘the World Is Unprepared for This Geopolitical Shock Wave’
[Jun 11, 2023 8:00 AM] Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading…
Binance, Coinbase, Robinhood: A Week of Crypto Crackdowns and Regulatory Fallout — Week in Review
‘De-Dollarization Emerging’ but Greenback Will Retain Its Dominance — JP Morgan Strategists
[Jun 8, 2023 1:30 AM] Two JP Morgan strategists have said the U.S. dollar will retain its dominant position even as it is being challenged by alternative currencies such as the Chinese yuan. According to a report, the yuan currently accounts for just 7% of global…
Economist Discusses BRICS Currency’s Prospect of Becoming Global Currency
[Jun 6, 2023 8:30 PM] Economist Alexis Habiyaremye from the University of Johannesburg says that a proposed common BRICS currency, if used effectively and systematically for all trade transactions between BRICS nations, would “alleviate the burden on these countries to…
BRICS Nations to Encourage Use of Local Currencies in Trade
[Jun 2, 2023 7:30 PM] Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new…
BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’
[May 30, 2023 9:30 PM] The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s…
Russia Actively Shifting to Settlements in National Currencies, US Dollar Share Declining, Says Foreign Minister
[May 30, 2023 7:30 PM] Russia is actively shifting to settlements in national currencies with its partners, Foreign Minister Sergey Lavrov has affirmed. He expects the transition away from the U.S. dollar to only gain momentum. “This is true not only for Africa, but also…
BRICS Bank in Membership Talks With Saudi Arabia, Report Reveals
[May 28, 2023 4:00 PM] The development bank set up by the BRICS bloc is negotiating with Saudi Arabia on accepting the country as a member, according to a press report. The talks come as the bank, created as an alternative to similar institutions led by the West, seeks…
Trade Bloc of Former Soviet States Ditches Dollar in 90% of Settlements
[May 27, 2023 2:00 PM] Trading within a Russia-led regional organization has effectively moved away from the U.S. dollar, according to the deputy head of the Russian government. The use of national currencies in the bloc’s transactions has reached around 90%, the…
EAEU Official Urges BRICS and SCO for Joint Use of Digital Currencies, New Payment Card
[May 27, 2023 1:30 AM] Three integration unions with Russian participation, BRICS, SCO, and the EAEU, should adopt joint policies on the use of digital currencies, according to a top representative of one of them. He also believes the international organizations should…
Xi Jinping and Putin Discuss BRICS Cooperation With Brazil’s President
[May 26, 2023 8:00 PM] Chinese President Xi Jinping and Russian President Vladimir Putin engaged in phone conversations with Brazilian President Luiz Inácio Lula da Silva regarding their joint work within the BRICS group ahead of the economic bloc’s leaders’…
Brazil Sees BRICS Bank as Alternative Financial Institution, President Lula Says
[May 26, 2023 6:00 PM] The government of Brazil views the development bank established by the BRICS bloc as an alternative to traditional financial institutions, the country’s head of state told African diplomats. President Lula da Silva also vowed that the bank will…
Moody’s on De-Dollarization: Rating Agency Labels US Debt Default a ‘Near-Term Danger to the Dollar’s Position’
Putin Believes Decentralization Will Help Global Economy Be More Resilient
[May 26, 2023 1:30 AM] Russian President Vladimir Putin has stated that the decentralization of the finance system might benefit the global economy, allowing it to be more resilient in the long run. At the second Eurasian Economic Forum, Putin explained that building…
Russian Think Tank Profiles BRICS Bank as IMF Counterpart to De-Dollarize Credit Markets
Putin Rejects Russian Economic Collapse Predictions — Highlights Active BRICS, SCO Cooperation
[May 25, 2023 7:30 PM] Russian President Vladimir Putin says Russia is actively cooperating with major international organizations, including the BRICS group, the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the Gulf…
China, Russia Urged to Speed Up Creation of ‘Cutting Edge’ Payment Infrastructure for BRICS and SCO Currencies
[May 23, 2023 8:30 PM] The chairman of Russia’s national economic development institution VEB.RF has urged China and Russia to speed up the establishment of a new, “cutting-edge” payment system for currencies of Shanghai Cooperation Organization (SCO) and BRICS…
SWIFT Data Shows Despite De-Dollarization Push, US Dollar Is Still the King of International Settlements
[May 22, 2023 5:30 AM] The share of the U.S. dollar usage for international payments has risen to 42.71% in April, despite the push of some countries towards de-dollarization. The dollar remains the most used currency in international settlements, with the euro taking…