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.
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