Finance Minister Warns BRICS, Says De-Dollarization Leads to Disaster
The BRICS alliance is advancing de-dollarization efforts by using local currencies for international trade settlements. Developing countries are looking to distance themselves from the dollar and promote their native currencies instead. Challenging the US dollar’s global reserve status comes with risks, as the greenback controls the majority of global transactions. Undoing the dollar could also bring developing countries to their knees, as the USD is the strongest currency in the markets. Also Read: BRICS: U.S. Dollar to Experience a Tragic Ending, Predicts Economist Evaluating the risks of De-dollarization , Zimbabwe ’s former Finance Minister Tendai Biti warned the BRICS that undoing the US dollar leads to economic disaster. The comment comes at a time when Zimbabwe ’s President Emmerson Mnangagwa requested to join the BRICS -funded New Development Bank’. BRICS De-Dollarization Efforts Could Lead To Economic Disaster Source: fx-markets.com Biti war...