El Salvador Wants To Join BRICS - Ditch The US Dollar
(MENAFN- Newsroom Panama)
The US dollar remained unstoppable in July and is throwing its weight in the currency markets.
The local currencies of BRICS nations are falling like a pack of cards against the USD. This comes even after the BRICS alliance kick-started the de-dollarization campaign to pull the US dollar down from the world's reserve currency.
The US Dollar is hammering local currencies in the Forex markets.
The USD spiked in value and trounced local currencies despite BRICS initiating the de-dollarization agenda on a global scale. The Indian rupee is another casualty of a stronger US dollar as it spirals down in the forex market.
Demand for the US dollar is rising leaving no scope for local currencies to thrive.
The ultimate goal of BRICS is to bring the US dollar down from the world's reserve currency power that it holds over countries, and replace it with local currencies.
The BRICS alliance is attracting new members from all corners who want to join the bloc and ditch the US dollar for trade.
The alliance is becoming lucrative for developing countries that want to strengthen their local currencies and native economies.
These nations are eager to break free from the clutches of the US dollar and make their local currencies, CBDCs, or even Bitcoin the legal tender for cross-border transactions.
Malasia is one that has been approved by China and Russia.
A Central American country is looking into the advantages of joining BRICS.
President
Nayib Bukele, Republic of El Salvador pictured below.
El Salvador is exploring the options to join the BRICS alliance in 2024.
El Salvador is the first country to legalize Bitcoin and also owns $400 million worth of BTC in their reserves.
BRICS member Russia has been sanctioned by the US for nearly two years and is looking to settle trade without the dollar.
The sanctions are allowing El Salvador to sign new deals with BRICS member Russia.
Russia needs a mutual understanding with El Salvador to navigate its economy without depending on the US dollar for trade.
Malaysia has recently submitted its application to join BRICS and both China and Russia are eager to approve it.
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