The BRICS alliance decided to teach the US dollar a lesson after the White House imposed sanctions on Russia in 2022. Since then, the bloc has been considering various actions to come out of the Western-dominated financial ecosystem. This includes having currency ambitions where BRICS enters the forex system.
In this article, we will highlight the five currency ambitions that BRICS aspires to reach. They are the only alliance that not only challenged the US dollar supremacy, but also vowed to uproot the West-led monetary system with a new financial sector. Whether they will succeed in the quest or not, the ambition is quite clear.
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BRICS was accelerating its currency ambitions at full speed, but hit the brakes after Trump took office. The US President threatened tariffs if they didn’t abandon the idea, and also pressured them to drop it. Tariffs inadvertently hurt their export businesses, making it expensive to sell in the US.
Source: Watcher Guru
