Govt allays Trump’s concerns of bid to create BRICS currency

Government has rejected claims that the BRICS bloc is planning to establish its own currency.

Pretoria was responding to US President elect Donald Trump’s threat to impose 100% tarrifs should the bloc go ahead with such alleged plan.

The idea that the BRICS Countries are trying to move away from the Dollar while we stand by, and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they…

— Donald J. Trump (@realDonaldTrump) November 30, 2024

The bloc formed in 2009 is made up of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.

In October, BRICS held a summit in Russia, where the member countries spoke about the boosting non-dollar transactions and strengthening local currencies, when trading.

That’s when rumours of them pushing for their own currency swirled.

However, the Department of International Relations and Cooperation (Dirco) says the talks are actually about the BRICS countries being able to trade with each other using their own currencies, instead of the dollar.

Dirco says the BRICS bloc believe this will help boost the member countries’ currencies and economies.

Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.

It is important to note the following:

– South… https://t.co/rT6YOrGlPH

— Chrispin Phiri 🇿🇦 (@Chrispin_JPhiri) December 1, 2024

Finance Minister, Enoch Godongwana, has confirmed Dirco’s assertions.

 

Speaking to YNews, economist, Dawie Roodt, says Trump’s concerns are misguided as for BRICS to establish a new reserve currency and have it work efficiency would take time.

Social media has been abuzz over this, with some supporting Trump while others support the BRICS bloc.

Dear American President-Elect Trump, please note that just as no person has a right to dominate others, no country has a right to assert supremacy over others, to order them to submit to its domination. To African leaders, please consider President-Elect Trump’s threat as a cue… https://t.co/pOfpQTFUk4

— Prof Thuli Madonsela #KindnessBuilds (@ThuliMadonsela3) December 1, 2024

This means de-dollarization is not going to happen anytime soon! What a strong leader!

No BRICS country has guts to go against USD now. pic.twitter.com/OYq6Rqzfqo

— Laughing Legends (@LaughingLegend0) December 1, 2024

It’s time that BRICS stand up to the West. If it means de-dollarization let it be so. Let us not be cowards.

— Selasie214 (@KgaogeloLe6248) December 1, 2024

BRICS is the future & no amount of Trump/MIC threats will change that without nuclear war.

Turns out backing a genocide in Gaza & endless war in Ukraine wasn’t such a good idea after all. https://t.co/PJrau4PuTj

— Jenerational Change (@JenPerelman24) December 2, 2024

BRICS isn’t going to work. First of all the I and the C hate each other. If they didn’t they wouldn’t have skirmishes on their borders every twenty minutes.

And Russia is slowly bankrupting themselves invading a smaller nation.

— Liquid Spageezy (@Spageezy1) December 2, 2024

Well, Trump couldn’t even get hospitals to have their prices made public . I think BRICS will do what they want between them .

— marc andré gagne (@magagne01) December 2, 2024

Trump’s tariff threat on BRICS nations for de-dollarization is a classic economic power play. However, it might accelerate the very trend it aims to curb. Sanctions force innovation, and when nations seek alternatives, they don’t just adapt; they evolve. The dollar’s dominance… https://t.co/tEwHBhc6Gl

— Doctentant (@Doctentant) December 2, 2024

So America uses dollars as a weapon then why BRICS can’t use another method of payment

— Prophet Brigadier Pratap (@strang3_r_0) December 2, 2024

There is no BRICS currency bro. And probably never will be. This is just a pipe dream, like all the MKP promises.

— AfricanGladiator (@avatargladiator) December 2, 2024

The arrogance of assuming the U.S. Dollar’s dominance is untouchable shows why de-dollarisation is gaining traction. Threatening BRICS nations with tariffs only highlights the desperation to maintain an outdated monopoly. (1/2) https://t.co/LaAQH2o2KM

— Not facetious (@Briefly_Funny) December 2, 2024