The BRICS summit will be held in Kazan in 2024. Brazil, Russia, India, and China—the founding members—and South Africa, which joined shortly after the group was formed—will formally welcome five new member countries to the summit.
These countries—Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates—were officially admitted into the group early this year. Still, they will attend the summit, which is scheduled for October 22 to October 24, for the first time.
The BRICS group will also consider expanding membership, as many developing countries have expressed interest in joining. The formalization of the BRICS Partner Countries model is expected to be the focus of the summit. However, as Russia took over the reins of the group in 2024, an alternate currency to the USD might also be considered.
There have been years-long talks of a BRICS currency to facilitate trade between the nations and the rest of the world. However, the clamor for a new currency has gained more popularity after Russia faces sanctions and China faces tariffs from the US and other Western nations.
The currencies in the BRICS group are diverse and have different standings when compared with the US dollar, but there is a chance of success as CWEB analysts look at the success of the Euro.
There are also talks of the new currency being propped with gold reserves, and this could add strength to the new currency, which could be digital. Three of the four founding members—Russia, China, and India—have sizable good reserves in central banks.
Gold has been a symbol of wealth and power worldwide since time immemorial. According to data from the World Gold Council in Q2, 2024, the Russian Federation’s gold reserves are 2,335.85 tons, China’s are 2,264.32 tons, and India’s are 840.76 tons. This constitutes more than 20 percent of the world’s gold reserves.
Will a new BRICS currency affect the green buck? Not shortly, but it might have an impact in the decades ahead as the economies of these Asian giants are growing. Mutual trade between the block and other developing nations with a new currency.
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