Russia’s Foreign Minister Sergey Lavrov confirmed that BRICS members have settled 67% of trade in local currencies, and only 33% of deals were paid in US dollars. The significant difference highlights the seriousness of the de-dollarization agenda, and the motive to topple the greenback is succeeding.

Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. “National currencies already account for more than 65% within the framework of trade among BRICS members, said Lavrov. “The dollar’s share declined to one-third against such a background,” he revealed to Tass.

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BRICS members have overall settled cross-border transactions close to 67% for goods and commerce, while the payments in the US dollar account for just 33%. De-dollarization is a serious concern, and the White House brushing it under the carpet will only do harm in the long run.

Developing countries are now more powerful than before, with a robust and growing GDP. They’re also equipped with manufacturing, leverage Brent Crude oil, and command a larger portion of the markets. In addition, their local currencies are also outperforming the US dollar, adding salt to the wound. The BRICS alliance is growing in power and could challenge the US dollar by the end of the next decade.

Also Read: BRICS: Payments in Chinese Yuan Increased to 24% in 2025

BRICS: US Dollar Usage in Trade Transactions Only 33%

If more countries join the de-dollarization bandwagon kick-started by BRICS, the US dollar and the economy will be in jeopardy. The BRICS expansion from hereon is a cause of concern as newer countries bring in more value to local currencies. The next 15 years will decide the fate of the greenback as it’s in the crosshairs of a financial shift. The USD needs to step up and reclaim its lost territory or perish in the onslaught of emerging economies.

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