Brics summit: Why the US dollar will remain dominant despite bloc’s push to de-throne it

Talk of de-dollarisation has gathered pace, as members of the Brics economic group meet this week in South Africa for a summit, but the US currency is unlikely to lose its crown as the world’s international reserve currency.

Members Brazil, Russia, India, China and South Africa are pushing to expand the bloc’s membership at the August 22-24 annual leaders’ summit in Johannesburg.

At least 23 countries are said to have expressed an interest in joining the group.

Any new additions to Brics will be the first expansion since South Africa, the second largest economy in Africa, joined the group in 2010. Among the potential candidates are economic powerhouses including Indonesia and Saudi Arabia.

Source: The National News