In recent years, discussions about de-dollarization have gained substantial traction, especially after the Russo-Ukrainian conflict began in 2022. The Atlantic Council reports that the dollar’s share of global reserves has significantly dropped from 72% in 2002 to just 58% in 2024, marking a notable 14% decline.
The rise of the BRICS nations largely drives this shift. Over the past two years, members of BRICS—Brazil, Russia, India, China, and South Africa, along with recent additions like Egypt, Ethiopia, Iran, the UAE, and potentially Saudi Arabia—have been actively promoting the use of their national currencies in global trade. Gold has become a key commodity in this shift, with emerging markets dramatically increasing their gold purchases. Since 2018, BRICS countries have rapidly increased their gold reserves, outpacing the rest of the world despite the rising cost of gold.
related – BRICS Move Gold-Backed ‘Unit’ Plans Forward Ahead Of October Meeting In Kazan
