Hello friends, hope you read the previous article so no need for intro lets jump strait away to continue…

US dollar currently  accounts for around 58% of total global official reserves in 2023, down from73% in 2001.

How could be possible to this account, because the remaining trade occurs in which currency? Rupees, ruble, and yuan replaces the dollar in particular nations.  India is buying crude oil from Russia by rupees. Russia was in dilemma to do for rupees but, India uttered NO. then we shall procure crude oil from other nations. India was stubborn in this and succeeded.

My need is cured oil that in my currency…. India says.

India, china and Russia started trade in their currency. Now Egypt  announces that we are not going to do trade in dollar. We perform our trade along with brics nations. Iran says when join BRICS we do our trade with BRICS nations currency.

BRICS nations has occupied 50%of population of world and in trade 40-45%. Hence 50% of de-dollarization has occurred now in future it will decrease to 35% in 10 years.

There are  also many negatives aspects. What are all?

While doing trade within BRICS nation it is fine but when we do trade with countries problems arises, so that’s why we need to change BRICS into BRICS+.

 In 2012 India gives small idea of opening new BRICKS bank.

Idea was fabulous so all BRICS nations accepted and foundation stone laying ceremony was held in 2014. In 2016 bank was ready and it was named as BRICKS development bank. Now change to New Development Bank (NDM)  many nations are standing in queue to join this NDM.

NDB has become observer in U.N council. Its not only for BRICKS nations, all developing countries can get loan. How the decision would be taken? It’s based on how much shares they own. At present all five nations have equal shares. 55% of shares will be BRICS nations rest 45% will shared with other nations. This is new law of BRICS.

Saudi Arabia who was depending on US for 48yrs utters that we are going to join in BRICS. Macron asked for the invitation to attend BRICS. If BRICS nation created common currency and started trade, even western countries have to depend on BRICS. Wow how great it is… 

19 counties have requested their interest  in BRICS. BRICS+ has become hot topic again.