Features News Today TheBitTimes.Com

BRICS tried to convince other countries to ditch the US dollar and use local currencies for oil payments is backfiring. Nigeria took a leaf from its playbook and announced in October that oil refiners in the country would only accept the Nigerian naira to boost their national currency. Oil refiners accepted the government’s mandate and started accepting local currencies for oil deals and cross-border settlements. Also Read: BRICS: Standard Chartered, Deutsche Bank Predict US Dollar’s Future Trouble began immediately as the Nigerian naira depreciated against the US dollar causing losses to all the oil refiners. Nigerian oil firms began showing dissatisfaction with the government’s policies and the unions and lobbies pressured the officials to reverse the mandate, so they could accept the US dollar to keep their company’s revenues and balance sheets in profits. Nigeria is now paying a heavy price in ditching the US dollar and following the BRICS agenda for oil payments. ...

Amid the de-dollarization agenda kick-started by the BRICS alliance, leading American investor and billionaire Warren Buffett hinted at the recent Berkshire Hathaway 60th annual shareholder summit on Sunday, that his investment arm is considering taking entry positions in foreign currencies, and bluntly said that the US dollar could be going to “hell”. Also Read: 24 Countries Formally Apply To Join BRICS Alliance in 2025 Warren Buffett issued a warning on the stability of the US dollar, and his statements coincide with the BRICS agenda. “We would not really invest in a currency (US dollar) that is going to hell.” The billionaire added that “a currency’s value can be a scary thing,” especially when governments act without restraint. Also Read: Russia Provides Major Update on BRICS Currency Launch BRICS: Warren Buffett Questions US Dollar’s Future, Plans to Invest in Local Currencies Source: economictimes.com The ace investor criticized the US fiscal behavior calling it...

Two BRICS countries are closely working towards launching a common currency and sideline the US dollar for trade and transactions. Both the countries are sanctioned and re-sanctioned by the White House this year and their economy is reeling under pressure. Therefore, the duo are finding alternative solutions to keep their respective economy afloat and not go bust as sanctions hit. Also Read: BRICS: New Country Rejects Local Currency for Oil, Wants US Dollar BRICS: Russia & Iran Working Towards Launching a Currency to Sideline US Dollar Source: Breaking Defense Kazem Jalali, Iran’s Ambassador confirmed that the Islamic Republic is working closely with its BRICS counterpart Russia to create a new currency to end US dollar dependency. Jalali revealed that the creation of a new currency can uplift Russia and Iran’s economy avoiding reliance on the West. Also Read: BRICS Considers New Financial Options For Trade Settlements “The creation of a new single currency within the...

Zimbabwe had recently launched a new currency named ZIG which was backed by gold. The gold-backed ZIG local currency was launched in April this year to reduce the circulation of the US dollar in Zimbabwe. The government took a risk and floated the currency across all sectors for transactions in the country. Also Read: Russia’s Push: Precious Metals to Lead De-Dollarization Effort ZIG gained significant support a month after its launch, with over 40% of all payments settled in the new currency. While Zimbabweans settled 40% of all costs in ZIG, the government paid 80% of all transactions in the gold-backed currency. The government and its people worked hand-in-hand to make the new local currency successful, threatening the US dollar. Nonetheless, things have not gone as planned. ZIG lost nearly half its value in Q4 of 2024. The local currency struggles to keep up with the US dollar in central cities and remote towns. ZIG, touted as a solution to tame the financial crisis, has created it...

Russia has sold nearly 78% of oil exports to its BRICS counterparts China and India between 2022 to 2023. The majority of the oil deals were settled in local currencies and not the US dollar between the three nations. The oil deals gained steam after the White House pressed sanctions on Russia’s economy in February 2022 for invading Ukraine. Also Read: BRICS Pay: Exclusive Video of New Payment System Released BRICS members China and India helped Russia to bypass the US sanctions by purchasing their crude oil at discounted rates. Russia sold millions of barrels of oil to China and India for two years at cheaper prices than the existing market prices. India saved close to $7 billion in exchange rates by paying local currencies to Russia and not the US dollar. Also Read: 35 New Countries To Abandon US Dollar at 2024 BRICS Summit BRICS: 78% Oil Trade Paid in Local Currencies, Not US Dollar Source: energyintel.com / Michal Bednarek / Shutterstock On the other hand, China paid the Chine...

The Chinese yuan has been looking to overtake the US dollar as the world’s reserve currency for over a decade. Despite multiple attempts, the Chinese yuan has failed to outperform the US dollar and uproot it as the global currency. However, that does not mean the yuan will never be able to beat the USD in the future. Also Read: China Helping ASEAN Countries To Ditch The US Dollar The Xi Jinping administration is looking at various ways to bring down the US dollar and keep the Chinese yuan ahead for all transactions. The Communist nations are convincing other developing countries to ditch the US dollar and pay local currencies for trade. In this article, we will highlight which currency is realistically stronger: The US dollar or the Chinese yuan. Also Read: U.S. Dollar Rebounds As Job Market Strengthens Which is the Stronger Currency? US Dollar or Chinese Yuan Source: iStock Several key factors make the US dollar realistically stronger than the leading loc...