31 Aug, 23

Analyst: BRICS Currency Unlikely To Undermine Dollar Dominance

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The BRICS bloc, a group of developing countries seen as seeking to counter the United States and the West, agreed at a summit last week to admit six new countries — Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The new members will make BRICS a commodities powerhouse, accounting for a substantial portion of global exports of oil, corn, and wheat. BRICS — which stands for Brazil, Russia, India, China, and South Africa — now accounts for 40 percent of the world’s population, a share that will increase when the others…

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