South Africa’s BRICS Ambassador, Anil Sooklal, made a huge announcement on the U.S. dollar’s global prospects. Sooklal confirmed that the BRICS alliance has no intentions of challenging the U.S. dollar. He explained that the BRICs will not discuss de-dollarization efforts at the upcoming summit in Johannesburg.
Sooklal stressed that the U.S. dollar will continue to be the world’s reserve currency and will face no competition from the BRICS. The Ambassador announced, “The dollar will continue to be a major global currency — that’s a reality.”
He added that trading in local currencies will be discussed in the summit but it has nothing to do with de-dollarization. “Trading in local currencies is firmly on the agenda. There is no item of de-dollarization on the BRICS agenda. BRICS is not calling for de-dollarization,” he announced.
That’s because they have to get rid of all their US dollars, first! Read between the lines. All their current currency is in US dollars. Iraq has already made it illegal to us US dollars for trade. Plus, they are not ready with a replacement dollar, yet.
Update: 22 August 2023