US Dollar vs. BRICS: The Significance and What to Expect
For decades, the United States dollar (USD) has been at the core of global finance, powering transactions from trade in oil to everyday cross-border payments. Now, a grouping named BRICS—formed originally by Brazil, Russia, India, China, and later South Africa—has expanded in January 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE). This bloc, sometimes known as BRICS+, is evolving into a larger and potentially more influential cluster, with talk of a parallel international financial order that could place real pressure on the dollar’s status.