Nothing big enough to reverse the domination of the US dollar for the moment, according to the director of the Central Bank of Brazil: Report
The Central Bank of Brazil would have estimated that the US dollar will maintain its position as the largest motto in the world in the next decade.
According to ReutersThe director of monetary policy of the central bank, Nilton David, said that the financial institution does not expect the Brics group of emerging nations to create markets large enough to overthrow the domination of the US dollar in the 10 years.
David says that the assets denominated in BRICS do not currently have a significant stock to compensate for the US dollar.
“I don't think it will change during the next decade.”
He says that alternative settlement tools can gain ground and even improve bilateral commercial transactions, but they would not be sufficient to move the American currency.
The BRICS is an intergovernmental organization of 11 countries – Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran. The group aims to strengthen economic, political and social cooperation between its members and to raise the influence of the countries of the South World in international governance.
The group has no common currency, but it is feared that it creates one that can challenge the US dollar. During a summit in 2023, the member nations discussed the issue of offense.
President Donald Trump warned against the repercussions if the alliance creates a new currency or supports one to replace the greenback.
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