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A Brics alternative to the dominance of the US and the dollar

The bloc may not succeed in its aim, but investors should pay close attention to developments

    • Russia's President Vladimir Putin during the Brics summit in Kazan in October. One Brics grouping aims to establish a Brics currency with underlying assets of 40% gold and 60% local currencies.
    • Russia's President Vladimir Putin during the Brics summit in Kazan in October. One Brics grouping aims to establish a Brics currency with underlying assets of 40% gold and 60% local currencies. PHOTO: AFP

    Leonardo Drago

    Published Mon, Nov 11, 2024 · 06:09 PM

    THE 16th annual Brics summit was held in Kazan, Russia, in October. The event was not given a lot of coverage. The “B”, Brazil, did not attend in person. The country’s president attended remotely after having suffered a head injury.

    The members of Brics initially comprised Brazil, Russia, India, China, and South Africa, and now include Egypt, Ethiopia, Iran, and the United Arab Emirates, among others.

    The Brics Kazan declaration featured the following two paragraphs:

    This Time is DifferentBRICS

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