Well, folks, it looks like the US dollar is here to stay, at least for the next decade, according to Brazil’s central bank. 🤷♂️
Reuters reports that Nilton David, the central bank’s monetary policy director, believes that the BRICS group of emerging nations—Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran—won’t be able to create markets big enough to knock the US dollar off its throne anytime soon.
David says that BRICS-denominated assets just don’t have the stock to make a dent in the US dollar’s dominance. “I don’t think that will change over the coming decade,” he adds, with all the enthusiasm of a teenager explaining why they can’t clean their room.
While alternative settlement tools might gain some traction and even improve bilateral trade deals, they’re not enough to dethrone the almighty greenback. 🍀
The BRICS group, which aims to strengthen economic, political, and social cooperation among its members, has been talking about de-dollarization. But let’s be real, creating a common currency is easier said than done. 🤔
Even US President Donald Trump has chimed in, warning of repercussions if the alliance tries to replace the US dollar. Because, you know, who doesn’t love a good trade war? 🤺
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2025-05-23 03:11