During its 2023 summit, BRICS invited Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, Argentina, and Ethiopia to join. Four of those six nations joined the BRICS bloc to work in abandoning the US Dollar as the leading reserve currency in 2024. With another summit scheduled for later this year, more nations are expected to join BRICS+ in its de-dollarization mission.
For much of the last year, the growth of the BRICS alliance was a major talking point. the most important geopolitical event of the year, the alliance grew from five members to nine, with Saudi Arabia potentially making ten soon. Furthermore, they are expected to continue that growth effort. Just a few months ago, India confirmed that the alliance has already agreed to another six-nation expansion plan. These new nations will look to push towards full abandonment of the US Dollar as a reserve currency.
Also Read: US Senator Marco Rubio Issues Major Warning About BRICS
Will BRICS Knock Off the US Dollar as The Top Global Reserve Currency This Year?
The USD is the leading currency worldwide, with multiple nations housing the dollar in reserve and using it in trade. However, with the US dollar weakening last year, some nations may look to end their reliance on the greenback. America’s battle with inflation in 2023 and interest rate hikes makes it especially more difficult to stay on top. Nations in Africa, Asia, and even in the West are interested in BRICS and their mission. In turn, the US Dollar’s grip as a global reserve currency could weaken in 2024.
Also Read: BRICS: What Countries Could be Included in Next Expansion?
Pakistan, Bolivia, Senegal, Cuba, and many more have already filed applications to join BRICS+ in 2024 according to reports. On top of these nations, dozens more have expressed interest in joining. The US Dollar exists as a top global reserve currency in these nations, but upon potentially joining the BRICS bloc this year, that may change.
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