BRICS: 12 Countries Ditch US Dollar, Pay 85% Trade in Local Currencies
After BRICS, a new alliance has kick-started the de-dollarization process and is using local currencies for trade and not the US dollar. The Commonwealth of Independent States (CIS), which consists of 12 countries, has settled 85% of cross-border transactions in national currencies. The CIS bloc, barely used the US dollar for trade settlements this year ushering into a new financial landscape. Also Read: BRICS Make De-Dollarization New Member Entry Rule The development is adding pressure on the US dollar as both BRICS and CIS are indulging in de-dollarization initiatives. The CIS consists of 12 countries including Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. Also Read: BRICS: 4 Reasons Ditching the Petrodollar Could Doom the US BRICS: CIS Alliance Consisting of 12 Countries Ditch the US Dollar, Use Local Currencies For 85% Transactions Source: Presidential Press Service BRICS member Russia convinced t...