[MarMema]

https://theexchange.africa/countries/brics-new-development-bank-breaks-us-dollars-dominance/

BRICS New Development Bank breaks away from the US dollar’s dominance

The United States’ global economic dominance is experiencing disruption. Unsurprisingly, the BRICS New Development Bank (NDB) is at the center of the shift. NDB, formerly the BRICS Development Bank, is a multilateral bank established by Brazil, Russia, India, China, and South Africa. The Bank has launched a BRICS potential union of up-and-coming discontents. On the scale of GDP, the union now collectively outweighs the reigning economic hegemon, the United States. It also goes beyond the scope of the entire G-7 economic weight class.

In a bold move to take on the US-dominated World Bank, the BRICS New Development Bank will now issue loans in local currencies. President Dilma Rousseff of the NDB has confirmed that the Bank intends to offer 30 per cent of its loans in the local currencies of its member nations, effectively abandoning the use of the dollar in international trade.

[Alter Kaker]

Bold move! This bank the size of a good sized credit union that can’t quite figure out how to not transact business in dollars even though that’s the only point of the bank in the first place.

[Alter Kaker]

On the scale of GDP, the union now collectively outweighs the reigning economic hegemon, the United States.

I love this BRICS math - if we assume that Brazil, Russia, India, China and South Africa actually agree on stuff and coordinate policy and whatnot then BRICS might actually be important. I guess it's too bad these countries don't trust one another, are strategic rivals and have more important fish to fry.