#BRICS

BRICS: 2 Countries Ditch US Dollar, Settle 90% Trade in Local Currency.

BRICS members are advancing the de-dollarization agenda by using local currencies for cross-border transactions and not the US dollar. The alliance is aiming to reduce dependency on the greenback and dim its prospects in the currency markets. The bloc has been successful in pulling out many trade deals where national currencies take first precedence.

According to reports, the two BRICS members India and Russia settled trade worth $64.5 billion in 2024 in local currencies and not the US dollar. The supply of Indian goods to Russia was up by 23.3% last year. India is among the fourth biggest trade partners with Russia and both the countries are pushing the de-dollarization agenda.