Bolivian President Calls for Global Shift Away from the US Dollar
At the 17th BRICS summit in Rio de Janeiro, Bolivian President Luis Arce has expressed support for the bloc’s goal of reducing reliance on the US dollar and embracing national currencies for international trade. In an interview with RT, Arce pointed out that as part of the ‘decoupling’ from the US, nations must ‘stop using the US dollar’ and instead ‘trust in our own currencies or look for alternative payment mechanisms.’ His comments underscore the growing movement towards economic self-reliance, especially following Western sanctions on Russia in 2022, which froze Moscow’s assets in dollars and euros.
The BRICS alliance, established in 2009, has intensified its efforts to minimize dependence on third-party currencies, particularly after the West imposed a sanctions regime on Russia. This has led to a significant push among BRICS members to use their own currencies in trade. Arce emphasized the shift from the ‘old, declining bloc’ of the US and Europe to the ’emerging bloc’ of BRICS countries representing a new form of economic power in the global arena. The recent addition of new members, including Bolivia, has expanded the bloc’s influence, offering opportunities for economic growth and regional collaboration.
However, the situation is not without its challenges. US President Donald Trump has issued warnings of imposing additional tariffs on countries aligning with BRICS, denouncing their economic policies as ‘anti-American.’ Meanwhile, Russian Finance Minister Anton Siluanov has praised the use of national currencies, asserting that they provide independence from Western financial systems, where payments have sometimes been suspended. These remarks highlight the strategic implications of shifting from US-dominated financial systems to alternative currencies, potentially reshaping global economic dynamics in the coming years.