BRICS: 16 New Countries Plan to Ditch US Dollar in 2024
Originally Published by By Michael Grullon
BRICS is moving quickly to ditch the U.S. dollar and promote their native currencies for global trade. With further expansion in 2024 imminent, 16 new countries are expected to drop the US Dollar in 2024 and join BRICS.
BRICS inducted five new countries in January 2024 including Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia. Now, more countries have submitted applications to join BRICS and its de-dollarization mission. As many as 16 new countries may join BRICS in 2024.
Last summer, 10 ASEAN countries agreed to stop trading in the US dollar and use native currencies for cross-border settlements. ASEAN is a bloc of 10 countries compromising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. These nations are likely on the list of applicants to join BRICS, strengthening the bloc’s ties with ASEAN as adding more strength behind the push to abandon the greenback currency.
