BRICS: Top Bank Predicts US Dollar Could Lose Global Status

The BRICS alliance is on a quest to upend the US dollar and replace its dominance with local currencies. The shift towards settling trade in local currencies has been on the rise since the White House pressed sanctions on Russia in 2022. Developing countries are sidelining the US dollar for cross-border transactions and increasingly using local currencies for payment settlements.

Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The greenback stands at the crossroads of a global change that could deplete its power and control over the world’s financial markets. Such a development could wreak havoc on the American economy leading to a major shift and market collapse.

BRICS: Deutsche Bank Predicts US Dollar is On the Losing Side

Deutsche Bank wrote in its recent note to stakeholders that the US dollar could end up being on the losing side. The report comes after the BRICS alliance aggressively pursued the de-dollarization agenda to topple the US dollar.said George Saravelos, the Deutsche Bank’s Global Head of FX strategy, in a note to clients.

The bank wrote that the US dollar is notas BRICS advances the de-dollarization initiative worldwide.Saravelos stated.

The note also read that the geopolitical shift will usher in a weaker dollar making BRICS take the win.for the dollar.Deutsche Bank summed it up.