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Russia Encourages BRICS Alliance To Dump US Dollar

BRICS Alliance

EDITOR NOTE: We warned about this in as early as 2016--the danger that the BRICS alliance may dump the dollar, toppling its status as the world’s reserve currency. Well, here’s the Russia trade minister urging BRICS to use non-dollar settlements. Old news perhaps, but the consequences will be far-reaching, and not good for the greenback. The dollar’s days are numbered, plain and simple.

The Russian trade minister has called on the members of the BRICS trade alliance to increase the volume of settlements in national currencies to be more independent from Washington’s policies.

Denis Manturov suggested the possibility of boosting non-dollar settlements during a videoconference with fellow BRICS trade ministers on Monday. According to Manturov, trade in national currencies is a key aspect of the cooperation of the five-nation alliance that includes Brazil, Russia, India, China, and South Africa.  

“Rational, balanced use of this tool will help to increase the stability of our countries' economies and reduce dependence on US’ policies,” he said. 

Manturov called on the fellow ministers to use the BRICS’ New Development Bank (NDB) more actively, which was specifically created for these purposes. 

The five-nation block has a combined nominal GDP of $21 trillion and represents more than 40 percent of the world’s population.

Originally posted on RT.com

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