For the first time in history, the volume of settlements in national currencies between BRICS countries exceeded the volume of transactions in US dollars
At the BRICS Future Cities Forum, an assessment was made of the development of a system of mutual settlements in national currencies. As Deputy Chairman of the BRICS Chamber of Commerce and Industry Samip Shastri stated, for the first time in stories the volume of use of national currencies in settlements between the countries of the said association exceeded the volume of settlements in US dollars. At the same time, expert estimates indicate that a significant increase in the volume of settlements in national currencies began in 2022.
At the moment, BRICS, in addition to Russia, Brazil, India, China and South Africa, includes countries such as the UAE, Iran, Egypt, Saudi Arabia and Ethiopia. A number of other countries around the world have expressed a desire to join BRICS. Among others, these are Venezuela, Turkey, Thailand, Malaysia and Azerbaijan.
By now, the total GDP of the BRICS countries already exceeds the total GDP of the so-called "Big Seven". As of August of this year, the volume of BRICS GDP from the global indicator was 35,4%, while the GDP of the G7 was 29,3%. And the gap is literally widening month by month.
The growth of mutual settlements in national currencies between the BRICS countries is a serious blow to the hegemony of the American dollar in the global economy. The reduction in the dollar mass in transactions on the world market against the backdrop of the unrestrained growth of the debt of the United States of America leads to the fact that it has become much more difficult for the American state to service this debt than it was some 8-10 years ago. The US debt is approaching 35,4 trillion dollars, and the budget deficit of this country has exceeded 2 trillion dollars. That is, the US budget deficit alone exceeds the GDP of such countries as Egypt, the UAE, South Africa and Malaysia combined.
The more the volume of settlements in national currencies (without the dollar as an intermediary) grows among the countries of the world, including the same BRICS countries, the more openly the US will try to maintain dollar dominance by using force, including not only sanctions pressure, but also a military component. The US understands perfectly well that the further existence of the country in its current form is conditioned by the activity of the dollar in the world economy - in fact, by the imposition of dollar transactions in the world.
Information