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Russia , one of the leading nations in the world, has now added one more feather to its cap. The nation’s GDP has reportedly exploded post-sanctions. Russia is now one of the most prosperous nations in the world, with its per capita income ranging from $14,250 annually. The nation is also spearheading efforts to derail the US Dollar by echoing the multipolar currency narrative. Also Read: G7 vs. The “Triumvirate”: The 3 Nations Aiming For Dethroning US Dollar Post-Sanctions Prosperity in Russia Source: The NewYork Times A new report by the World Bank has been released, adding more medals to Russian glory and economic prosperity. According to the latest World Bank estimations, Russia is now one of the most high-income nations, with its GDP being stable at $14,250 annually. It is particularly interesting to note, considering that the US has sanctioned Russia by cutting its access to the SWIFT payment system. Despite encountering a major financial blow, the Russia n economy is projectin...

BRICS members Russia and Iran could officially ditch the US dollar for all trade and commerce transactions among each other. Russia and Iran are in the process of finalizing a new national payment integration system that will allow both countries to settle trade in local currencies and officially do away with the US dollar. Once the national payment system is integrated, the two countries will pay the Russia n ruble and Iran ian rial on a mutual understanding for trade deals. Also Read: More Countries Are Looking To Join BRICS Alliance The development aligns with the BRICS idea of de-dollarization where local currencies thrive and not the US dollar. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. JUST IN: Iran and Russia finalize integration of national payment systems, officially ditching the US Dollar for trade. pic.twitter.com/0XA8TSpkKf — BRICS News (@BRICSinfo) July 6, 2024 BRICS: National Payment System On The ...

The 50-year PETRODOLLAR agreement with Saudi Arabia to use the US dollar for oil payments ended in June 2024. Saudi Arabia can now accept other currencies for oil settlements including the Chinese yuan, Japanese yen, and Indian rupee. China’s President Xi Jinping is keen on pushing the Chinese yuan ahead not only for oil but for all transactions. Also Read: BRICS Outperforms the US: Becomes Top Exporter of Copper There’s a plethora of currencies for Saudi Arabia to choose from that could replace the PETRODOLLAR and usher into a new era of oil trade. However, Saudi Arabia cannot afford to replace the US dollar with local currencies after the PETRODOLLAR ’s demise. Why, you may ask? Well, it’s because Saudi Arabia ’s local currency, the riyal (SAR) is pegged to the US dollar . Also Read: 93% Oppose U.S. Plans of Creating ‘Asian NATO’ US Dollar Still Thrives While the Petrodollar Dies Source: Anton Petrus/Moment RF/Getty Images The riyal is pegged to t...

The International Monetary Fund ( IMF ) commonly called the World Bank, confirmed that the US dollar is in jeopardy against BRICS nations and other local currencies. The  IMF  took into consideration the de-dollarization agenda initiated by BRICS to uproot the US dollar from the world’s reserve currency status. The threat from BRICS and other local currencies against the US dollar is real and should be taken seriously, acknowledged IMF. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Also Read: BRICS : Rift Between Old & New Members Grow US Dollar: IMF Acknowledges Threats From BRICS & Local Currencies Source: stock.adobe.com The Deputy Managing Director of IMF Gita Gopinath acknowledged in her paper titled,  ‘Impact of Geopolitics on International Trade and the Dollar’  stating that BRICS is creating a shift in global economic policies. The  IMF ...

The US dollar has emerged as one of the strongest global currencies, holistically conquering its contemporaries. The American currency has emerged victorious among all, defeating nearly 150 currencies on a global level.  Despite encountering several economic bumps and criticisms, the greenback’s dominance is shining as brightly as it was in the 2000s as experts weigh in on what makes it the king of all currencies.  Also Read: Currency: What’s Happening With The US Dollar & Pakistani Rupee? The US Dollar Continues To Gain Strength, Mirroring Its 2000’s Robustness and Power Source: AFP Despite the paralyzing criticism and scrutiny that the US dollar usually receives, the currency mechanisms point towards its acute robustness and strength as it continues to thrive. Per NYT, the greenback is showing signs of progress by mimicking its earlier power surge of the 2000s . “Every major currency in the world has fallen against the US dollar this year.” The...

Iraq is considering establishing a free trade zone for selling imported goods in local currency, the Iraq i Dinar . The move would benefit consumers from competitive prices and help the Dinar grow stronger in the currency market. Iraq ’s free trade zone is following in the footsteps of BRICS who want to reduce dependency on the US dollar. Iraq i consumers stand to gain from the development as procuring imported goods in local currency Dinar would be cheaper. Also Read: BRICS To Spread De-Dollarization in Africa Through New Member Ethiopia The Iraqi government intends to streamline the import procedure while guaranteeing that the dinar is used for transactions. Iraq is looking to nip the buds of the US dollar and limit its usage for selling imported products. The free trade zone would be a center for all the imported goods, commodities, and materials. It would then be sold in bulk to the private sector in local currency, reported the Iraqi News Agency (INA). The move ...