BRICS Summit News August 22, 2023: Reducing Dollar Reliance Tops Agenda
Countries
Cooperation areas
Source: Bloomberg | Original Published At: 2023-08-22 09:33:45 UTC
Key Points
- BRICS leaders to prioritize reducing US dollar dependence at August 22-24 summit
- BRICS bank approved $1 billion loan to South African state-owned company
- Discussions include potential expansion of the BRICS bloc
- No conclusive evidence yet of structural decline in dollar dominance
Leaders of the BRICS nations will focus on ways to reduce dependence on the US dollar when they meet starting Tuesday, South Africa said. The rand advanced after the bloc’s bank agreed to lend $1 billion to a state-owned company.
Brazil, Russia, India, China and South Africa will also discuss enlarging the group of major emerging market powers at the Aug. 22-24 leaders’ summit. While the dollar’s demise has been mooted many times in recent years, so far other pretenders have been competing among themselves and there’s no conclusive evidence for a structural dollar decline.