Standard Chartered Calls BRICS Currency a 'Fantasy'
Speculations of a new BRICS currency that could challenge the US dollar’s hegemony have been doing the rounds for two years. The bloc has been discussing the prospects of a new currency after the US pressed sanctions on Russia in 2022. China, Russia, and now Iran are aggressively pushing the de-dollarization agenda and making local currencies reign supreme. The move is giving hope to developing countries that their native currencies can have their time in the forex markets. Also Read: BRICS: Calls To Move Away From the US Dollar Is Growing However, leading global investment bank Standard Chartered believes that BRICS currency is nothing but a “fantasy” . The US dollar will remain the world’s reserve currency for a long period as no competitor comes close. Around 58% of the global reserves are in the US dollar and have steadily maintained their momentum in the last five years. Also Read: De-Dollarization: 2 Countries Settle $37 Billion in Local Currencies BRICS Cu...