South African President Makes Huge Announcement on BRICS Expansion
The recent BRICS expansion in August saw the bloc moving from the traditional 5-member group to a new 11-nation alliance. BRICS inducted six new countries: Saudi Arabia, the UAE, Argentina, Egypt, Iran and Ethiopia, strengthening the bloc further. All 11 countries are looking to end dependency on the U.S. dollar and promote their local currencies instead. This puts pressure on the U.S. dollar as the currency might not find new means to fund its deficit. Also Read: BRICS: Former Treasury Secretary Predicts Future of the US Dollar Now that the first round of BRICS expansion is complete, South Africa n President Cyril Ramaphosa made a huge announcement on the second round of expansion. Ramaphosa hinted that many more countries could join BRICS and challenge the U.S. dollar in global trade. BRICS: South African President Makes Huge Announcement on Second Round of Expansion Source: AFP Ramaphosa shed light that BRICS is reviewing formal applications sent by the other countrie...