In the image of the bill, the flags of the five founding states of the bloc, Brazil, Russia, India, China and South Africa, appear on one side, and on the other are the insignia of seven other states, including the tricolor flag of Mexico and that of the Islamic Republic of Iran.
During the summit held in johannesburg Last August, the international group of emerging economies BRICS agreed to expand with the entry into the bloc of Iran, Argentina, Saudi Arabia, Egypt, Ethiopia, and the United Arab Emirates, starting in 2024.
They seek to reduce dependence on the US dollar
Increasing use of national currencies to reduce dependence on the US dollar was another goal BRICS leaders discussed at the Johannesburg summit. They said this could help reduce their economies’ vulnerability to a strong dollar and currency fluctuations.
And with oil producing heavyweights among the newcomers, investors said this would fuel speculation that Saudi Arabia could increasingly switch to non-dollar-denominated currencies for oil trading. Something that happened this week with the symbolic display of the 100 Brics bill on Tuesday night.
Currently, the BRICS represents 23% of the world’s GDP, 42% of the population and more than 16% of global trade.