Supremacy

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 <p>Leaders of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations will discuss reducing dependency on the U.S. dollar at the ongoing summit in Johannesburg. Reducing reliance on the U.S. dollar is the main agenda item of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit, according to Bloomberg. The bloc will discuss ways to minimize USD and maximize the usage of local currencies for international transactions. </p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Warren Buffet Predicts How Long USD Will Remain Global Currency</strong></p> 
 <h2 class="wp-block-heading" id="h-brics-reducing-reliance-on-u-s-dollar-top-agenda-at-summit">BRICS: Reducing Reliance on U.S. Dollar Top Agenda At Summit</h2> 
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  <img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Dollar USD Greenback" class="wp-image-98452 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp.webp 1500w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1024w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1160w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1500w" data-eio="j"> 
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   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp" alt="US Dollar USD Greenback" class="wp-image-98452" srcset="https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1024w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 550w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1160w, https://cdn.thebittimes.com/images/2023/08/22/1f7492a7cd5dba4c662b1b50cc1fd9e0.webp 1500w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Adobe Image / poundsterlinglive.com 
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 <p>The Deputy President of South Africa, Paul Mashatile, said that the summit will start discussions on how to reduce dependence on the U.S. dollar. <strong>“Today the world takes notice of this bloc because it’s at the forefront of the global discourse to reduce dependence on the dollar,”</strong> he said.</p> 
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 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: South Africa Makes Huge Announcement on U.S. Dollar Supremacy</strong></p> 
 <p>However, he added that BRICS will not compete with the U.S. dollar and the West but is creating a level playing field. <strong>“We are not here to compete with the West. We want our space in global business,”</strong> he said to business leaders ahead of the summit.</p> 
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 <p>In June, BNP Paribas SA said that the conditions to diminish the U.S. dollar remain more ripe than ever. It added that the dollar would be dethroned even if the process was <strong>“a slow, incremental burn.”</strong></p> 
 <p><strong>Also Read: 40 Countries To Attend <a rel="noopener noreferrer nofollow" title="BRICS Summit" href="https://thebittimes.com/tag/brics-summit.html">BRICS Summit</a></strong></p> 
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  <img decoding="async" width="800" height="423" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="brics" class="wp-image-89868 ewww_webp" sizes="(max-width: 800px) 100vw, 800px" data-src-img="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 550w" data-eio="j"> 
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   <img decoding="async" width="800" height="423" src="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp" alt="brics" class="wp-image-89868" srcset="https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 800w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 300w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 768w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 380w, https://cdn.thebittimes.com/images/2023/08/22/b93f42c225fb614c3cf6946f31ede5e6.webp 550w" sizes="(max-width: 800px) 100vw, 800px"> 
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    Source – TV BRICS 
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 <p><strong>“I want to buy from India. Why should I use dollars?”</strong> said former Nigerian President Olusegun Obasanjo to a standing ovation. <strong>“It’s a payment and settlement system that will allow me to buy whatever I want to buy in India, whatever I want to buy in Brazil, without looking for dollars,” </strong>he said.</p> 
 <p>Therefore, the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance is committed to putting local currencies at the forefront to strengthen their native economies. Other developing countries are following suit and could stop using the dollar for global trade. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> is an acronym for Brazil, Russia, India, China, and South Africa.</p> 
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<div class="cs-entry__tags"> 
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  <li>BRICS</li> 
  <li>BRICS Summit</li> 
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</div>

BRICS: Ending Reliance on the U.S. Dollar Main Agenda of Summit

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