What has driven the BRICS nations to push for their own currency and embark on this journey to depose the dollar from its pedestal? What are the chances that BRICS will be able to de-dollarise the global financial system?
While the discourse around de-dollarization gains momentum, particularly with the strategic expansion of BRICS, the U.S. dollar’s preeminence remains largely unchallenged.
The 15th summit of BRICS (Brazil, Russia, India, China, and South Africa), held recently in Johannesburg, resulted in the expansion of the membership of the group from 5 to 11. There has long been a discussion about the cohesiveness and relevance of this group comprising democratic and autocratic nations which vary in levels of development. Is BRICS or its expansion relevant?
BRICS motivation behind expanding its membership is to gain more strength and challenge the existing geo-economic and geopolitical order, and Bangladesh wanted a part in it.