World

BRICS To Discuss Upon National Currency Trade As South Africa Slams Dollar Domination

Dollar domination has always been a matter of concern for different nations around the globe. Especially, for the developing nations like South Africa this issue has been a constant matter to worry upon. Expressing himself on the same, Joel Sibusiso Ndebele, South African High Commissioner to India slammed the “domination” of the US dollar in the world economy and said it does not benefit developing countries. 

Just in next two months, that is in the month of August will be BRICS summit that will primarily discuss the concern about national currency trade . BRICS stands for (Brazil, Russia, India, China, South Africa). South Africa will be chairing the summit. The summit will see PM Modi, Russian President Vladimir Putin and Chinese President Xi Jinping and other prominent leaders.

US Dollar domination harming ‘Global South’

In an interview, the high Commissioner said that “We do not believe the US dollar domination of the flows of trade and investment in the world is to the benefit of all, especially not for the Global South.” In addition to this, In a joint statement released in Cape Town, the foreign ministers of the BRICS countries strongly urged the use of local currencies both internationally and among the members of the group.

Well South Africa is not the first country to express its concerns over this matter. The same have earlier been raised by many nations like Russia, India and China. In fact these nations have resorted to trading in local currencies.

Also Read: “I Will Neither Make A Deal Nor Surrender Even If They Put Me In Jail,” Says Pak Ex-PM Imran

Dollar’s privilege position at risk

As per media reports, there are many countries in the world who are attacking  dollar’s “privileged position”. African nations and other developing nations like Brazil have expressed themselves over the matter now and then. It is because being world’s reserve currency, the United states have a lot of influence over other economies especially when it comes to sanctions.

Srishti Verma

Recent Posts

Hina Khan Hails 11 Years Of PM Modi’s Leadership; Highlights National Progress

As the nation marks 11 years under PM Modi's leadership, actress Hina Khan shares her…

4 hours ago

Subhash Ghai Hails PM Modi’s Transformative Vision For India

Subhash Ghai has praised PM Narendra Modi’s leadership for catalysing India’s growth and changing the…

5 hours ago

India & Central Asia Boost Rare Earth Cooperation At Delhi Meet

India and five Central Asian nations have agreed to deepen cooperation on rare earths and…

5 hours ago

PM Modi’s Beej Se Bazaar Tak Vision Reshapes Indian Agriculture

Prime Minister Modi has redefined Indian agriculture with the ‘Beej Se Bazaar Tak’ vision, transforming…

6 hours ago

EV Sales Cross 4% Mark In May; Signalling Steady Shift To Green Mobility

EV sales topped 4% of passenger vehicle retail in May 2025, signalling growing demand for…

6 hours ago

Self-Reliant Defence Industry Marks India’s Strategic Security Ascent

One year into Modi 3.0, reforms have reduced poverty, strengthened defence, and accelerated the digital…

6 hours ago