Luiz Inacio Lula Da Silva, the Brazilian President has called on the international community to end the dominance of the United States dollar in international trade.
The president said he does not see why the U.S. dollar should be allowed to dominate global trade.
He stated this on Friday saying “Everyone knows that I defend the idea that we have our currency to trade between countries,” he said. “Why does Brazil need the dollar to trade with China or Argentina? We can trade in our currency.”
The Brazilian president who has been very straightforward on ending the supremacy of the U.S. dollar in international trade said, having a gold-backed BRICS currency that provides countries with alternative money to trade would end the dominance of the U.S. dollar in international trade.
According to the president, the BRICS bank would be much more generous than the IMF and genuinely interested in helping countries, not sinking them.
President Da Silva likewise offered clues about the upcoming BRICS conference scheduled to hold in South Africa from August 22 to 24, adding that new countries signing on BRICS and the devaluation of the U.S. dollar would be talked about at the conference.
However, the countries comprising the BRICS are Brazil, Russia, India, China, and South Africa, while over 20 countries, including Saudi Arabia, have formally applied to join the BRICS bloc.
South American countries like Argentina have already started to trade with the Chinese yuan, signaling a gradual shift from the U.S. dollar as the go-to currency for international trade.
