BRICS Report: U.S. Dollar Trails in Top 10 Currency Rankings

• BRICS Initiative to Dethrone U.S. Dollar Gains Momentum
• BRICS Currency Launched to Challenge U.S. Dollar
• U.S. Dollar Ranks Last in the Top 10 Strongest Currency List
• Top 10 Strongest Currencies in 2024
• 1. Kuwaiti Dinar
• 2. Bahraini Dinar
• 3. Omani Rial
• 4. Jordanian Dinar
• 5. Gibraltar Pound
• 6. British Pound
• 7. Cayman Island Dollar
• 8. Swiss Franc
• 9. Euro
• 10. U.S. Dollar
• BRICS and the Future of the U.S. Dollar

BRICS Initiative to Dethrone U.S. Dollar Gains Momentum

BRICS countries, along with a few other developing nations, are focused on ousting the U.S. dollar from its status as the global reserve currency. The initiative for this de-dollarization drive has been taken up more aggressively following the involvement of BRICS. Leading this campaign are BRICS members China and Russia, who are persuading other developing nations to abandon the U.S. dollar. This article discusses which sectors in the U.S. are likely to be impacted if BRICS ceases to use the dollar for trade.

BRICS Currency Launched to Challenge U.S. Dollar

Underlining the ambitious goals of BRICS, three countries have agreed to introduce a new currency to compete with the U.S. dollar.

U.S. Dollar Ranks Last in the Top 10 Strongest Currency List

The latest list of the world's top 10 strongest currencies for 2024 released by Forbes does not include any currencies from existing BRICS nations. The indigenous currencies of BRICS nations are not potent enough to challenge other currencies in the global market. However, the U.S. dollar has been placed last on Forbes' list of the 10 strongest global currencies for 2024.

Top 10 Strongest Currencies in 2024

According to Forbes, the top 10 strongest currencies in 2024 are the following:

1. Kuwaiti Dinar

2. Bahraini Dinar

3. Omani Rial

4. Jordanian Dinar

5. Gibraltar Pound

6. British Pound

7. Cayman Island Dollar

8. Swiss Franc

9. Euro

10. U.S. Dollar

BRICS and the Future of the U.S. Dollar

The last rank of the U.S. dollar in the strongest currency list coincides with BRICS' objective to destabilize the greenback. However, even by being 10th, the U.S. dollar remains the primary global currency for trade and business.

Reserve banks around the globe hold the U.S. dollar in their treasuries, marking it a necessity for any business transactions. As a result, the U.S. dollar continues to reign supreme in the global currency markets.

Edited by Jonathan Stoker