"There has been no decision by the so-called BRICS block about creating a common currency to reduce usage of the dollar, India’s central bank chief said.
Welcome to politics where politicians say all kinds of things that are not real
This is not new either. From day one BRICS members were saying they don't want to dump the dollar. That doesn't change the fact that they are dumping it.
When going against a rogue regime that has a history of bombing multiple countries that wanted to dump the dollar (like Libya and Iraq), a wise politician never repeats their mistake. Instead they dump the dollar while saying otherwise
Absolutely agree ! This is when some countries, violating all agreements, organizing world terror, including economic terror, attack other countries, organize genocide there, and then when sanctions are imposed against them start squealing about injustice and rejection of the dollar, but in every possible way try to get this dollar for their resources
Or, for example, when they gather the BRICS meeting, they demand dollars from the participants instead of rubles, yuan or rupees
Yes, you are right, I agree
But back to what some of these pariahs are fighting against:
“The dollar has two important functions that make it the world's premier currency.
First, the dollar is a reserve currency. Those who have extra money store it in it.
Second, the dollar is a settlement currency. Not only Americans but the whole world pays for goods and services in it.
The dollar's position as a settlement currency is strengthening despite active attempts by China, Russia, Brazil, India and other emerging economies to trade in rupees and yuan.
By the end of last year, the world had accumulated about $12 trillion equivalent in reserves. Almost 60% are held in dollars, about 20% in euros. The yuan's share is 3%, less than the Japanese yen and the British pound (5% each).”
Regarding the decline of settlements in the dollar - I partly agree, it's a fact. But it is necessary to understand what is the real reason for this observation ! One of the key reasons is the withdrawal of oil and gas supplies from a developed market, from a rogue country that now has to sell most of it for yuan and rupees. That's hundreds of billions of dollars, though no one pays for it in dollars. China doesn't pay for it directly either, and most of its goods are supplied to offset some of these amounts. That is, in essence, forcibly sells them. Some funds in yuan and rupees are blocked in Chinese and Indian banks. So the turnover in yuan has increased, the turnover in dollars has decreased by the same amount, but this is a specific market. Look at the distribution of dollars in ZVR by countries - developed countries hold the total part of dollars. The rest are forced to keep in yuan and some other currencies, but not because they have given up the dollar, but because they simply cannot afford it. So it's simple, no magic here
PS After the restoration of normal life in Syria, it is likely that gas from Qatar will go to the EU, and its value will be assessed not in yuan, but in stable currencies - dollar or euro. By the way, the reason for the internal conflict in Syria, which finally ended, was an attempt to remove competitors for gas supplies to the EU, or rather to prevent the organization of these supplies. For whom they were competitors - think for yourself
