BRICS plans to develop a new currency.
The next BRICS summit is scheduled for August.
Economic superpowers are stepping up their efforts to break free from US dollar hegemony, raising the possibility of the emergence of a new global order.
Jim O’Neill, a former chief economist at Goldman Sachs, urged the BRICS bloc to grow and challenge the dollar’s hegemony this week. He stated that “the U.S. dollar plays a far too dominant role in global finance” in a paper that was published in the Global Policy journal on March 26, 2023.
Following that, the senior Russian official reportedly stated that the BRICS alliance is working to develop its own currency. Brazil, Russia, India, China, and South Africa are the top five emerging economies that make up the BRICS acronym. Further, the following BRICS summit is scheduled for this August.