BRICS And It’s Unending Battle Against The US Dollar
The battle against the US dollar seems not to have cool off, as the coalition of economies of the nations which fall under the BRICS with their ambitions motives in creating a currency that will challenge the strength of the United States dollar(USD). In the interim the BRICS which consists of nations Russia, Brazil, India, South Africa and China are making trades through their own fiat currencies.
Lassie Maasdrop in an interview with Bloomberg says that the BRICS ain’t in a hurry in creating a currency that will be able to compete with the USD yet, but he thinks that there will be a change as per their seems to be a long term not immediate. “The development of anything alternative [to the US dollar] is more a medium to long term ambition.”
The Vice- president of the New development Bank(NDB), says that the bank as it is now is solely dependent of the USD, tho it’s infrastructure is sustainable to support any emerging projects in an emerging market.
“The New Development Bank has the US dollar as its anchor currency. Our balance sheet is in US dollars. We are firmly embedded in the US dollar hemisphere.”
Well just trying to wrap my thoughts around this with the mix messages coming from country parties in the group, it’s seems difficult than it been said but let’s see what will play out next.
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