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BRICS Unlikely To Challenge US Dollar Dominance, Says Brazil Central Bank Official
BRICS Unlikely To Challenge US Dollar Dominance, Says Brazil Central Bank Official
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Brazil’s Central Bank Deputy Governor Nilton David has dismissed the notion that BRICS could displace the US dollar as the global reserve currency. The alliance lacks strong financial instruments or currencies capable of rivaling the dollar’s dominance, according to his assessment.
Despite BRICS’ persistent de-dollarization efforts and promotion of local currencies for cross-border trade, the bloc faces structural limitations. No BRICS-denominated assets currently possess the depth, liquidity, or stability required to challenge dollar hegemony in international finance.
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