«Single currency».. BRICX group threat the Doller

The US dollar represents pressure on the local currency of many countries, whose currency has fallen as a result of its impact on the current economic crisis.

Which made it search for new economic entities. To get involved in it, which provides some protection for its currency against the dollar.

BRICX group

“Bloomberg” Agency recently issued a report on the desire of 19 countries, which expressed interest in joining the BRICS group, and among these countries, 5 Arab countries.

This comes in conjunction with the group's preparations for next June's meeting in South Africa, a meeting that may pose a threat to the future of the dollar and strengthen the movement to abandon it globally.

Anil Soklal, South African ambassador to BRICS, confirmed that the emerging markets of Brazil, Russia, India, China and South Africa will meet in Cape Town on June 2-3 to discuss the expansion of the BRICS group.

13 countries

He pointed out that there are 13 countries that formally requested to join the group, while 6 other countries requested informally, and the group receives requests to join every day.

Soklal said that the foreign ministers of the five BRICS member states confirmed their attendance at the June to discuss the hot spots that are taking place now Including Sudan.

He noting that Saudi Arabia and Iran are among the countries that formally requested to join the group last February, and Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain and Indonesia, along with two countries from East Africa and one from West Africa, have expressed interest in joining the group.

uncertain future

The statements of Russian Foreign Minister, Sergei Lavrov, give clear indications that the dollar is waiting for an uncertain future.

  Lavrov confirmed that the BRICS meeting in June will discuss the creation of a single currency among the member states.

  Taking into account the extent of the ability of the economic blocs gathered in the BRICS to replace another currency in place of the dollar.

 Joseph Sullivan, a former adviser in the White House, confirmed that abandoning the US dollar could become a reality, as the new BRICS currency alternative to the dollar may have high chances of success, according to his statements in the American magazine “Foreign Policy”.

Joseph Sullivan, who served as an economist on the White House Council of Economic Advisers during the Trump administration, said last Tuesday that the currency issued by Brazil, Russia, India, China and South Africa would pose a unique threat to the dominance of the dollar.

When we add the efforts of the BRICS countries to remove the dollar from global trade exchange operations, and to lose its value, in the context of an economic war between China and Russia on the one hand and the United States on the other, in addition to the dollar’s gradual exit from being the global reserve currency, we find that the American currency is waiting for a future worst.