BRICS Currency: A 2024 Release on the Horizon?

• 2024: A Potential Year for the Launch of BRICS Currency
• Analyzing the Current Scenario of BRICS and its Growth
• Differing Opinions and Potential of the BRICS Currency
• Development and Future Projections for BRICS Currency

2024: A Potential Year for the Launch of BRICS Currency

In 2024, the significant evolution for BRICS is predicted to be the ongoing creation of its unique currency. The establishment of a BRICS currency is already a known fact, and there has been a consistent endeavour from the bloc to synchronize this currency with domestic currencies to gradually move away from the US dollar. As the growth of BRICS is expected to extend in 2024, and with an increasing number of countries intending to shift away from the US dollar, could this be the year when the BRICS currency is finally launched?

Analyzing the Current Scenario of BRICS and its Growth

Understanding this requires a detailed analysis of the present condition of BRICS and its expansion. In 2024, BRICS admitted several new countries into its bloc, notably including Saudi Arabia and the United Arab Emirates. These nations, due to their considerable financial support, have the potential to significantly contribute to the creation of the BRICS currency. Recent declarations from Iran about its plans to assist in the formation of a BRICS currency, aimed at challenging and eventually replacing the US Dollar, is also noteworthy. Iran is one of the new additions to the expanded BRICS+.

Differing Opinions and Potential of the BRICS Currency

There has been a wide array of opinions from experts concerning the implications and potential of the BRICS currency. However, what remains undebated is its prominence within the alliance dialogue. The introduction of new member nations that came into effect at the beginning of 2024 suggests that the emergence of this currency could be imminent.

Development and Future Projections for BRICS Currency

In August 2023, the BRICS bloc expressed that their currency "expands our payment options and diminishes our vulnerabilities". Additionally, it offers a distinct way to move away from the US dollar in their trade transactions. The development of the BRICS currency may extend beyond 2024, as this would allow ample time for all interested nations to get involved. However, the possibility of the BRICS currency making its debut this year, potentially at the upcoming summit in Russia, cannot be completely ruled out.

Edited by Jonathan Stoker