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 <p>BRICS host South Africa has invited 69 countries to attend the upcoming summit in Johannesburg on August 22 to 24. The invitation has been sent to all African heads of nations and the Global South bodies. Read here to know the list of 69 countries that have been invited to attend the BRICS summit in Johannesburg. On the heels of the summit, South Africa’s BRICS Ambassador Anil Sooklal made a huge announcement reading currency discussions.</p> 
 <p><strong>Also Read: BRICS: India Convinces 22 Countries to Trade in Rupee, Ditch US Dollar</strong></p> 
 <p>The revelations provide insights into what the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance would discuss at the table with world leaders. <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> aims to end the U.S. dollar dominance and allow local currencies to dominate the international markets.</p> 
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 <h2 class="wp-block-heading" id="h-brics-south-africa-s-ambassador-makes-big-announcement-on-currency-discussions">BRICS: South Africa’s Ambassador Makes Big Announcement on Currency Discussions</h2> 
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   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp" alt="BRICS Leaders" class="wp-image-102486" srcset="https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 1024w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 300w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 768w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 380w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 550w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 800w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 1160w, https://cdn.thebittimes.com/images/2023/08/07/cd1b730dbde9725744c98a555274c297.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>The <a rel="noopener noreferrer nofollow" title="South Africa" href="https://thebittimes.com/tag/south-africa.html">South Africa</a>n Ambassador revealed <strong>exclusively to Watcher Guru</strong>, that <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> will discuss the use of native currencies for cross-border transactions. Sooklal indicated that a decision to ditch the U.S. dollar for global trade could be taken at the upcoming summit.</p> 
 <p><strong>Also Read: 13 Countries Officially Apply To Join BRICS Alliance</strong></p> 
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 <p>Our <strong>“Discussion focuses on deepening use of local currencies,”</strong> said Sooklal <strong>exclusively to Watcher Guru</strong>. Therefore, the bloc of five nations will put forth their respective currencies to settle global trade and not the U.S. dollar. The use of native currencies will bolster their local economies and not be dependent on the Western powers.</p> 
 <p>Read here to know how many sectors in the U.S. could be affected if other countries use local currencies for international trade. Also, this puts the U.S. dollar at a disadvantage as the means to fund its deficit will begin to dwindle. <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 <a rel="noopener noreferrer nofollow" title="South Africa" href="https://thebittimes.com/tag/south-africa.html">South Africa</a>.</p> 
 <p><strong>Also Read: BRICS: US Dollar Accounts for 59% of All Foreign Exchange Reserves</strong></p> 
 <p>The alliance is looking to dethrone the U.S. dollar by putting their local currencies forward for global trade. Moreover, the bloc of five nations is eager to end reliance on the U.S. dollar and is convincing other developing countries to follow suit. In addition, Russia, India, and China convinced a handful of countries to settle trade in their respective native currencies and not the U.S. dollar.</p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BRICS</li> 
  <li>BRICS Currency</li> 
  <li>South Africa</li> 
 </ul> 
</div>

South Africa Makes Huge Announcement on BRICS Currency

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