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

PM Modi To Address GST Utsav Public Meeting In Andhra Pradesh On October 16

PM Modi will address a GST Utsav public meeting in Kurnool on October 16 with…

11 hours ago

Jamia Hamdard Champions Clean And Green Campus Initiative Under ‘Mission Green Campus’

Jamia Hamdard launches a cleanliness drive under ‘Mission Green Campus’ to promote a sustainable, smoke-free,…

11 hours ago

Gautam Adani Hails Navi Mumbai Airport As A Beacon Of India’s Aspirations

Gautam Adani and PM Modi inaugurate Navi Mumbai Airport, highlighting its role in India’s growth…

12 hours ago

PM Starmer Leads Biggest UK Trade Mission Ever To India On Historic First Visit

PM Starmer leads historic UK trade mission to India, boosting business, culture and strategic ties.

13 hours ago

PM Modi Highlights Strategic Role Of Navi Mumbai Airport In Boosting Connectivity

PM Modi inaugurates Phase 1 of Navi Mumbai International Airport, emphasising its role in regional…

14 hours ago

Supreme Court To Hear Rahul Gandhi’s Petition Demanding SIT Probe Into Alleged Voter List Manipulation

Supreme Court to hear Rahul Gandhi petition seeking SIT probe into alleged voter list manipulation.

14 hours ago