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Argentina is facing a drastic shortage in the US dollar. The local currency peso has fallen nearly 80% against the greenback since the start of 2020.
Brazilian President Luiz Inácio Lula da Silva revealed the nation's plan to raise the issue of de-dollarization at the next meeting of BRICS.
The US Treasury chief backed the US currency's crucial role in international trade even as several countries cook up challenges to its dominance.
The Asian Monetary Fund is an idea which was initially set forth by Japan during the 1997 Asian financial crisis and was never implemented.
Egypt now seeks to use local currencies to pay for its imports from India, China, and Russia – key members of the BRICS