What seemed like a mere threat to US dollar as the dominant world currency has taken a serious turn as BRICS gears up to launch a new global currency.
An initial group of 4, which announced the membership of South Africa in 2010, arose from the sting and pains of indiscriminate economic sanctions by the United States, resolving to build a new currency and economic system, that will strategically circumvent the US dollar as a major monetary system.
Brazil, Russia, India, China and South Africa collectively known as the BRICS Union have gradually grown membership of the alliance to 24 nations.
Anil Sooklal, South African and BRICS ambassador told an American news outlet that 13 countries have made formally requests, and 6 other nations have informally asked to join the alliance.
Older known members are Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, others are 2 undisclosed nations from East Africa and a country from West Africa.
The next BRICS summit is set for South Africa in late August 2023, where organizers hope to further recruit many ailing African countries ravaged by politics of the dollar.