BRICS: The World Rejects De-Dollarization, US Dollar Payments Rise 9%
BRICS is spreading the de-dollarization initiative around the world, but the majority of countries are rejecting the idea by increasingly using the US dollar for trade settlements. While countries that are like-minded to BRICS are considering de-dollarization, the majority of nations don’t align with the initiative. Also Read: BRICS: U.S. Dollar Crisis Could Begin in 2025 The latest data from SWIFT payment messaging system shows that trade settlements in the US dollar have increased by 9%. That’s the most in 12 years despite BRICS trying to convince other countries to ditch the US dollar through de-dollarization. The share of the US dollar’s global payments has touched a record 49% in 2024, the highest in 12 years. Also Read: Local Currency That Challenged the US Dollar Fails, Dips 40% BRICS De-Dollarization Fails: Payments in US Dollar Surges 9%, Euro Dips 18% Source: Forbes / iStock While the US dollar’s global payments rose by 9%, the Euro’s share plumme...