After the BRICS alliance kick-started the de-dollarization agenda in 2022, several developing countries are seriously considering replicating the idea. The move helps to strengthen local currencies and native economies leaving the US dollar with no control of global finances. This decade will be filled with de-dollarization roadmaps that could bear fruit in the coming decades.
Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. The implications could be severe to the US economy leading to hyperinflation in the homeland that could drive prices of daily essentials up.
Also Read: ‘BRICS Bridge’ To Replace SWIFT and End Dependency on the US Dollar
BRICS: A New Country Lays Down Its De-Dollarization Roadmap
Zimbabwe is the new country that has laid the roadmap for de-dollarization replicating the ideals of the BRICS alliance. The Zimbabwean government has officially approved the de-dollarization roadmap and Finance Minister Mthuli Ncube will soon unveil the plan. The Reserve Bank of Zimbabwe (RBZ) will deploy additional measures to make the roadmap a success.
Also Read: BRICS: Idea of De-Dollarization Is ‘Non Sense’: Analyst
The country’s Information Minister Jenfan Muswere confirmed the development in a press briefing after the recent Cabinet meeting. Therefore, Zimbabwe’s push towards de-dollarization is official and the roadmap is expected to be revealed this month. Zimbabwe’s local currency ZiG will be made the sole tender for all transactions leaving the US dollar behind. The de-dollarization roadmap comes when Zimbabwe is also looking to join the BRICS alliance.
Also Read: BRICS: US Markets Could Face Substantial Losses, Analyst Declares
“On modalities to operationalize the ZiG currency as legal tender for use in the economy, a de-dollarization roadmap is now in place,” said IT Minister Muswere. Bloomberg reported that Zimbabwe plans to make the ZiG centralized across the country by 2026. The previous target was 2030 but the country wants to make de-dollarization sooner. BRICS is encouraging many developing countries to strengthen their local currencies and end reliance on the US dollar.
