Saudi Arabia, one of the five new members of the BRICS, entered the association having concluded a $6.93 billion currency swap agreement last November with fellow BRICS member China. In a Dec. 20 article on msn.com, headlined “China, Saudi drive BRICS’ Push To Erase Dollar in Global Economy,” author Jai Hamid noted that the “deal, conducted entirely in Chinese currency, is a bold statement of intent, underlining the seriousness of their commitment to move away from dollar dependence.”
Hamid argued that “Saudi Arabia’s induction into the BRICS bloc is a game-changer. Historically aligned with the United States, especially in economic and energy matters, Saudi Arabia’s pivot towards BRICS signifies a critical realignment. This shift is expected to have far-reaching consequences, especially in how global financial transactions are conducted…. The global financial landscape is undergoing a dramatic transformation, with the BRICS alliance—Brazil, Russia, India, China, and South Africa—at the forefront of a daring initiative to challenge the supremacy of the US dollar.…
“As the bloc gains more members and momentum, it could usher in a new era of economic multipolarity, significantly altering the traditional financial power structures that have long dominated the world stage.”
