During the BRICS Summit, Russian President Vladimir Putin suggested abandoning the dollar as a reserve currency to reduce the “external political risks” faced by developing countries. In a meeting with former Brazilian President Dilma Rousseff, Putin emphasized the importance of enhancing the financial autonomy of these countries through the use of alternative currencies.
Putin argued that dependence on the dollar exposes emerging countries to volatility in exchange rates and external political pressures. He advocated for the adoption of local or regional currencies to mitigate these risks and strengthen global economic stability.
Former President Dilma Rousseff also underscored the relevance of this topic, stating that a multipolar world will only be possible with trade in currencies alternative to the dollar. This vision is shared by the president of the BRICS Bank, who warned about the dangers of exposing emerging countries to exchange rate volatility.
The discussion on diversifying reserve currencies is one of the main points on the BRICS agenda, reflecting the pursuit of greater financial independence and a reduction of the dollar’s influence in global markets. This strategy aims not only to protect the economic interests of member countries but also to promote a more balanced international financial system that is less susceptible to political interference.
