BRICS Stuns Markets: ’We Never Spoke About De-Dollarization’ Despite Global Shift

BRICS nations drop bombshell denial on de-dollarization talks—just as emerging economies quietly diversify reserves.

The Currency Conundrum

Five major emerging economies suddenly backtrack on what markets assumed was their open secret. Official channels now claim de-dollarization never entered formal discussions, contradicting months of speculation about alternative financial systems.

Geopolitical Whiplash

Traders scramble to reconcile public statements with observable capital flows. While officials downplay dollar displacement, commodity settlements increasingly bypass traditional currency channels through bilateral agreements.

Financial Theater

The disconnect between political rhetoric and market reality grows wider than a central banker's credibility gap. Another reminder that in global finance, what isn't said often speaks volumes.

BRICS: De-Dollarization Was Not Our Agenda, Only Trading in Local Currencies Was

Sooklal explained that the BRICS expansion in 2023 did not sit well with a handful of Western countries, who labelled the expansion as an agenda to further de-dollarization. He cited that the alliance was only concentrating on using local currencies for cross-border transactions. The Western media painted a narrative that the alliance is challenging the US dollar.

said Sooklal. “

He explained that BRICS feared that it could happen to any one of us, and therefore, sought to use local currencies instead of the US dollar. It had nothing to do with de-dollarization, he stressed.he exclaimed.

The statement from Sooklal comes as BRICS is taking a U-turn from the de-dollarization agenda. The bloc is walking on a tight rope as TRUMP imposed tariffs on their economies. The move is making them take a different approach to cosy up to the White House. The attitude was different when Joe Biden was the President, as they walked all over his foreign policies.