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The number of countries apart from BRICS that are planning to ditch the US dollar for trade and commerce is increasing alarmingly. Developing countries worldwide are looking to use local currencies and sideline the greenback for cross-border transactions. This adds pressure on the USD as it could lose out on the supply and demand mechanism in the currency markets. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. If more nations end reliance on the currency, the cost of daily essentials could skyrocket in the homeland. The USD stands at the crosshairs of a global change that could dim its lights and send it towards the path of decline. Also Read: BRICS Makes Major Announcement on De-Dollarization BRICS: Venezuela Says 25% of Trade Can Be Conducted Without the US Dollar Source: latinamericanpost.com Venezuelan Foreign Minister Yvan Gil said that 25% of trade can be conducted without depending on the US dollar. He cited that local curren...

The BRICS alliance is giving hope to developing countries that want to break away from the clutches of the US dollar. Emerging economies are facing challenges from carrying the burden of the US dollar on their backs. The latest report shows that around 40 countries are interested in joining the BRICS alliance in 2024. All these nations are emerging economies and hail from Asia, Africa, and South America. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS: Purchasing Power of the US Dollar Could Fall From 3% to Zero BRICS: 40 Countries Desire to Escape From the US Dollar Dominance Source: seekguidance.org The 40 countries share a common desire, that is to escape from the dominance of the US dollar. The development indicates that several nations are disinterested in hoarding the US dollar or settling trade with it. Also Read: BRICS Currency: 40% Could Be Tied to Gold, 60% in Local Currencies The developing countries want ...

BRICS is looking to overpower the US and Europe by putting local currencies ahead of the dollar for trade. The alliance kick-started the de-dollarization initiative convincing developing countries to end reliance on the US dollar. The global financial order remains on a slippery slope this year with weak macroeconomic factors affecting the sector. Also Read: BRICS: Brazil To Incorporate Government Bonds in CBDC Digital Currency On the heels of the BRICS de-dollarization threat, the US is facing calls for a recession which could also affect Europe. If a recession hits both the US and Europe, BRICS and other developing countries could benefit the most. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: Donald Trump Warns of Consequences If BRICS Ditches the US Dollar BRICS: A Recession On the Cards For US & Europe, Says BCA Analyst Source: Dursun Aydemir | Anadolu Agency | Getty Images BCA Chief European Strategist, Mathieu...