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.

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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.