How many countries will ditch the US dollar for global trade in 2023?

The trade will be settled within the existing bloc of 10 countries and not with other nations outside the alliance. The ASEAN group consists of 10 countries, and the BRICS alliance is now an 11-member group. In conclusion, a total of 21 countries have officially agreed to ditch the U.S. dollar for global trade in 2023.

Are developing countries threatening the US dollar?

The US dollar is facing challenges from developing countries that are threatening its status as the global reserve currency. A handful of alliances in Asia, Africa, and South America are looking to end dependency on the U.S. The BRICS and ASEAN groups are at the forefront of challenging the US dollar’s status.

Which countries use local currencies?

China, Russia, Brazil, India, ASEAN nations, Kenya, Saudi Arabia, and the UAE are now using local currencies in trade. (Se puede leer esta nota en español aquí .) The global de-dollarization campaign is gaining momentum, as countries around the world seek alternatives to the hegemony of the US dollar.

Why do BRICS and ASEAN want to de-dollarize the US dollar?

The BRICS and ASEAN groups are at the forefront of challenging the US dollar’s status. Developing countries fear U.S. sanctions could hurt their economies and, therefore, want to strengthen their local currencies and economies. The de-dollarization efforts are in full swing in 2023, and nearly two dozen countries want to ditch the U.S. dollar.