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Expert urges BRICS countries to create alternative to US dollar in global transactions

According to the expert, though US dollar to retain its leading role in global transactions for quite a while, counter-measures should be taken as early as possible

BEIJING, June 22. /TASS/. The BRICS group of nations needs to focus on creating an alternative to the US dollar’s hegemony in global transactions, which gives Washington leverage over its opponents, said Marco Fernandes, a researcher at Tricontinental Institute for Social Research.

"I would like to underscore one aspect which, to me, is of strategic importance – namely, creating an alternative to the hegemony of the US dollar," the expert told a conference at the Chongyang Institute for Financial Studies of the Renmin University of China, headlined ‘BRICS: the New Future of Global Development.’

In his opinion, this US currency will retain its leading role in global transactions for quite a while, but counter-measures should be taken as early as possible.

"Not only it gives the United States a significant economic advantage, it also provides it with leverage over opponents," the expert continued. "After reserves and assets worth tens of billions of dollars were confiscated from countries like Venezuela, Iran and Afghanistan, the US and EU decision to freeze Russian reserves worth over $300 billion raised alarms all over the world, underscoring the need to find an alternative to the dollar’s dominance."

The 14th BRICS summit will be held in a video conference format on June 23. The event’s agenda includes global development, world economic problems and issues of increasing the role of developing nations. This year, China holds the organization’s rotating presidency.

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