Brazil’s president backs calls for BRICS nations to use their own currency

During his state trip to China this week, Brazilian President Luiz Inácio Lula da Silva called on developing nations to seek out an alternative currency to the US dollar, criticizing the dollar’s dominant role in global trade.

This echoes the sentiments expressed by leaders of the BRICS countries, including Brazil, Russia, India, China, and South Africa, who have increasingly voiced their support for de-dollarization.

The president’s comments, made on Thursday, add to the growing rhetoric calling for a shift away from the US dollar, Business Insider reported.

“Why can’t we do trade based on our own currencies?” he said, per The Financial Times. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”

During his speech at the New Development Bank of Shanghai, President Luiz Inácio Lula da Silva advocated for the BRICS nations to create a shared currency that could be used for transactions.

Written by staff