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Towards a new global financial system
Economical 2023/08/08
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Yasser El-Metwally
The world is preoccupied these days with the acceleration and development of events, especially the BRICS group's preparations for holding its conference scheduled for the middle of this month.
This comes amid speculation that the new BRICS currency could be approved as a competitor to the dollar in commercial transactions and global monetary reserves.
Here, the debate revolves around whether the BRICS group was able to extract the dominance of the dollar in world trade and compete with it.
The BRICS group includes China, Russia, India and Brazil, which was formed in 2009 and a year later, in 2010, South Africa joined it. This economic bloc is important because it constitutes 44 percent of the world's population and 30 percent of global production and aims to abandon the use of the dollar in exchanges trade in a new single currency for those countries.
It is worth noting that the dollar is the only currency traded in commercial exchanges since World War II.
What are the reasons for this cluster?
Most experts and locals unanimously agree that America's strict policy in its dealings with countries and its imposition of continuous sanctions has prompted these countries to think and search for a way to get rid of this hegemony.
Reports based on facts on the ground indicate that there are 19 countries, some of which have expressed their desire to join this bloc, led by Saudi Arabia, Egypt, Turkey, Iran, Mexico and Indonesia, and some of which are monitoring and interested in developments.
It is expected that the BRICS group will discuss in its conference, which will be held during these days, the possibility of opening acceptance of countries' applications for membership in this bloc, the principles and procedures for joining and issuing a unified currency.
And if the BRICS currency is approved, what will be the impact of this on the dominance of the dollar?
In order to show the impact of this currency, it is necessary to trace the impact of the euro, which was approved by the European countries in 1999. It achieved 36 percent of the global currency reserves, and reduced the share of the dollar, which constituted 90 percent of the global currency reserves.
Forecasts indicate that the BRICS currency will account for more than 30 percent of the global monetary reserve at the beginning of its launch at the expense of the dollar in commercial transactions around the world, and you can imagine the size of the impact in reducing the role of the dollar in the future and in the medium and long term.
From here, the picture becomes clear that the expectations of experts towards a new financial and economic system will inevitably come, and it is based on diversifying the global monetary reserve to limit the dominance of the dollar. Questions and debate will continue until the new system’s working mechanisms are launched.
What concerns us here is where is Iraq from these developments?
Here I would like to point out that the interest of those countries in their local currencies and their pride in them encouraged them to stand up to the power and dominance of the dollar in controlling their destinies, and although the BRICS will compete with the dollar and reduce its value in commercial transactions, they cannot completely remove it from the scene, and for this there are many reasons. The government must pay attention to these developments and changes that occur in the global system and the need to draw up a balanced policy to deal with future expectations, with certainty that the Central Bank of Iraq closely monitors these developments and collects and analyzes information.
Here, we call for the importance of working on adopting the idea of diversifying the monetary reserve due to its importance in preserving the future of the country's economy.
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