BRICS revive de-dollarisation debate amid rising US–Global South frictions: Video
Calls for a reduced reliance on the US dollar are gaining momentum within the BRICS bloc, as emerging economies seek greater financial autonomy amid rising geopolitical tensions.
Vijay Sardana, a member of the BRICS Business Council, has argued that the dominance of the dollar in global trade exposes developing nations to political pressure and economic vulnerability, limiting their ability to act independently on the world stage.
Sardana contends that institutions such as the International Monetary Fund and the World Bank remain largely shaped by Western interests, often advancing political priorities rather than addressing the development needs of the Global South. In this context, the dollar is increasingly viewed not just as a reserve currency but as a strategic tool that enables countries like the United States to impose sanctions and exert influence over nations that diverge from its policy positions.
Momentum for alternatives has been reinforced by reports that India’s central bank has proposed linking the official digital currencies of BRICS members to facilitate cross-border trade and tourism payments. Such a system, supporters argue, would reduce exposure to dollar-based transactions and enhance global financial stability. The idea builds on commitments made in the 2025 BRICS declaration in Rio de Janeiro, which called for greater interoperability between national payment systems.
This story is written and edited by the Global South World team, you can contact us here.
