ANALYSIS | Any effort by BRICS to dethrone the dollar will end in failure | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 80%

Belgique Nouvelles Nouvelles

Belgique Dernières Nouvelles,Belgique Actualités

If the Organization of the Petroleum Exporting Countries cannot come up with a petro-currency, what chance does a random bunch of geographically disparate nations have, asks Bloomberg's Marcus Ashworth. | News24_Business

Last week, BRICS foreign ministers gathered in Cape Town, South Africa along with representatives from other countries such as Saudi Arabia, the United Arab Emirates and Kazakhstan. It was the warm-up act for the main event, with heads of state scheduled to meet in late August in Johannesburg, though the location may be switched to allow Russian President Vladimir Putin to attend without risking arrest under a warrant from the International Criminal Court.

The influence of the BRICS coalition could be substantial, given the group has 42% of the world's population. But economically, it delivers just 23% of total global output and only 18% of trade. According to the , the dollar is used for 42% of currency transactions. The euro’s share is 32% but it doesn't have anything like the same influence outside Europe and parts of North Africa.

The defining element for a reserve currency is where it is the second-most used currency for domestic transactions. The dollar is pretty much the most-utilised method of exchange across the world after each nation's own currency — sometimes even surpassing domestic currencies. Almost every commodity, including oil and gold, trades in dollars. Even crypto-currencies are paired almost exclusively with the greenback. What is also vital for a reserve currency is its use as a store of value.

 

Merci pour votre commentaire. Votre commentaire sera publié après examen.
Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 4. in BE

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

EXPLAINER | What is the tampon tax and which countries have axed it? | BusinessMore than a quarter of menstruating women and girls around the world - some 500 million people - struggle to manage their periods, often because they cannot afford sanitary pads, according to the World Bank. | News24_Business
La source: News24 - 🏆 4. / 80 Lire la suite »