BRICS Ditches US Dollar, Settles $4 Billion Trade in Local Currencies
BRICS members India and Russia ditched the US dollar and settled payments worth $4 billion in local currencies. Russian exporters purchased Indian-made arms and equipment for defense purposes and cleared the payment using the rupee. The US dollar played no role in the cross-border trade making local currencies the sole beneficiary of the transactions. Also Read: BRICS : 2 New Countries Agree To Ditch US Dollar The BRICS alliance kick-started the de-dollarization agenda and is moving in the direction of using local currencies for cross-border transactions. Read here to know how many sectors in the US will be impacted if BRICS ditches the dollar for trade. BRICS: India & Russia Settle Trade Worth $4 Billion in Local Currency, Ditch the US Dollar Source: Freepik.com The Russian exporters held $8 billion in reserves in India’s special Vostro bank account for global exchange of trade settlement. Now, 50% of ...