BRICS Takes Tentative Steps Towards De-Dollarisation

At the recent BRICS Summit in New Delhi, the bloc's finance ministers and central bank governors released a joint statement on de-dollarisation. The document takes a cautious approach, focusing on incremental steps rather than a bold challenge to the US dollar's dominance.

Iranian President Masoud Pezeshkian made a direct case for moving away from the dollar at the BRICS Business Forum. He argued that the international financial system's concentration around a limited number of currencies leaves economies vulnerable to political shocks.

Pezeshkian suggested expanding the use of national currencies in trade among members and establishing necessary instruments for managing currency risks and reciprocal settlements. He also pointed to the New Development Bank as a means for member countries to conduct economic interactions with less dependence on the dollar.