The United Arab Emirates (UAE), Kingdom of Saudi Arabia and Egypt are among six nations that have been invited to join the BRICS group of nations, and will join it in Janurary 2024

What do you guys think what effects it will have on the global economy?

  • cuenca@lemm.eeOP
    43·
    10 months ago

    So…the US dollar is the world’s “reserve currency”.

    Correct. But it’s not a binary thing, but a spectrum. Look at it in the prospective of the last, let’s say, 30 years.

    How much has USD declined from usage? How much have the trades in the local currencies increased?

    How about the last 2 years in particular? Moreover, the counries of BRICS trade mainly in the local currencies.

    • subversive_dev@lemmy.ml
      3·
      10 months ago

      I did a little research. It doesn’t look like the scale of these efforts are large enough to show up in the graphs yet.

      In other words, I think we are in the “hype” part of the adoption cycle of “dedolarization” - announcements and partnerships and symbolic gestures, but the hard work of actually accomplishing the change still lies ahead.