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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bank, commonly called the <a rel="noopener noreferrer nofollow" title="New Development Bank" href="https://thebittimes.com/tag/new-development-bank.html">New Development Bank</a> (NDB) officially announced a 3-year plan to completely end reliance on the US dollar. The 3-year de-dollarization initiative will lead to <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> settling trade in local currencies and not the US dollar. The NDB is finding alternative ways to replace the US dollar from dominating the global financial sector. NDB will provide details to <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> leaders highlighting the means to diminish transactions made in the US dollar.</p>
 <p><strong>Also Read: BRICS Dumps Another $17 Billion in U.S. Treasuries in a Month</strong></p>
 <h2 class="wp-block-heading" id="h-brics-announce-a-3-year-plan-to-ditch-the-us-dollar">BRICS Announce a 3-Year Plan To Ditch the US Dollar</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="Chinese Yuan US Dollar BRICS Currency" class="wp-image-99798 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 800w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 1040w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp" alt="Chinese Yuan US Dollar BRICS Currency" class="wp-image-99798" srcset="https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 800w, https://cdn.thebittimes.com/images/2023/10/10/e6e10e05d15ecf128bb3635882198c7a.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px">
  </noscript>
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   Source: Fortune.com
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 </figure>
 <p>The NDB has already outlined its first idea of lending loans to other developing countries in local currencies. The bank suggested to stop lending loans in the US dollar and limit the number of settlements in the USD. The move adds pressure on the dollar making it demand to decrease by a smaller margin.</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>: US Dollar in ‘High Demand’ Amid Israel &amp; Palestine Conflict</strong></p>
 <p>However, the 3-year de-dollarization initiative could add further blows to the prospects of the US dollar. The NDB would provide guidelines to boost the usage of local currencies and strengthen the native economy of <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> nations. Businesses in developing countries could thrive if local currencies are put forward as they don’t lose out on forex charges.</p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="1000" height="563" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548 ewww_webp" sizes="(max-width: 1000px) 100vw, 1000px" data-src-img="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 1000w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp.webp 800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" data-eio="j">
  <noscript><img decoding="async" width="1000" height="563" src="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp" alt="US dollar Chinese Yuan BRICS Currency" class="wp-image-104548" srcset="https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 1000w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 380w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 550w, https://cdn.thebittimes.com/images/2023/10/10/69bc1e56e6a72cb8b03e8b7d66dc005a.webp 800w" sizes="(max-width: 1000px) 100vw, 1000px">
  </noscript>
  <figcaption class="wp-element-caption">
   Source: thecradle.co
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 </figure>
 <p>Therefore, the global financial sector could change rapidly by 2026 leading the way to a new world order. The financial power could tilt from the West to the East and developing countries could take the driver’s seat. BRICS already controls 30% of the global economy and the numbers could shoot up if they completely end reliance on the US dollar.</p>
 <p><strong>Also Read: BRICS Global Oil Supply Rises From 30% To 41% In 2023</strong></p>
 <p>Read here to know how many sectors in the US will be affected if <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> stops using the dollar for trade. The American economy could be the first to crash as the US will have no means to fund its deficit. The prices of all commodities would skyrocket leading to an imbalance in the economy in the coming years.</p>
 <p>In conclusion, if BRICS play their cards well by 2026, the US dollar will lose its power in the international markets. Local currencies will dominate the financial sector and one among them could potentially become the next global reserve currency.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>New Development Bank</li>
  <li>US DOLLAR</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-to-completely-ditch-the-us-dollar-in-3-years-tbt65730.html">https://thebittimes.com/brics-to-completely-ditch-the-us-dollar-in-3-years-tbt65730.html</a></p>

BRICS to Completely Ditch the US Dollar in 3 Years

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