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BRICS tries and the dollar holds
Economic 2024/07/14
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Every time the BRICS summit approaches, the chatter of followers and those interested returns to the analysis and predictions table to discuss the group’s efforts to achieve the goal.
The most prominent question during its 2024 summit, scheduled to be held in the Russian city of Kazan next October, is: Can the BRICS currency remove the dollar from its path, which is hindering all its plans?
This time, the BRICS group is heading towards focusing on launching a new gold-backed currency at the 2024 summit to be an alternative to the dollar.
It may dispense with its reliance on local currencies that were agreed upon in previous summits and rely solely on gold, according to solid and reliable international forecasts and reports.
Reports expect that the new currency may herald a new financial era and be the cornerstone for further developments in the future, but that will depend on the extent to which the policies that the group will put in place are able to confront or overthrow the US dollar?
Here we mention that the return to the gold standard and the preservation of a multipolar world have shown its signs, as the BRICS countries have remained and continue to be the largest buyers of gold since 2022, and they are accumulating tons of the precious metal in their reserves.
This is what we mentioned in previous articles here on this page last year.
The World Gold Council also confirms this information in its latest reports in this regard.
Here, the views of experts are divided in assessing this information. There is a global economist who believes that a currency backed by gold will take the world of finance by storm, as “the new international trading unit, backed by gold, will be very attractive and may represent a major challenge to the dominance of the US dollar.”
While the Iraqi economist Dr. Mazhar Muhammad Salih believes that the situation depends on the cycle of gold assets. If the value of gold falls, this means that the BRICS currency must be automatically reduced, which makes the commodity trade of the BRICS countries more competitive, especially with countries outside the group that carry other foreign currencies, and vice versa. Gold remains a safe haven, but - and I mean Dr. Mazhar warns that the growth of gold as a reserve currency remains inconsistent with the growth of international trade and investment, which creates major future economic problems if the BRICS currency exchange for gold fails upon demand.
The impression that has filtered to me as someone interested and following economic affairs is that the challenges facing the BRICS group remain great, and despite this, they insist on trying. For our part, we must be patient and watchful and not rush to distance our economy from the effects of polarization and the variables of international conflict and competition.
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