BRICS: U.S. Dollar in World Reserves Fall Below 60%
The Central Banks of the majority of developing countries are now diversifying their allocations with gold and other local currencies. The U.S. dollar is facing scrutiny due to the $35 trillion debt that could wreak havoc on their native economies if the markets crash or enter a recession. BRICS countries are leading the pack in cutting ties with the U.S. dollar and reinforcing local currencies at the forefront. Also Read: BRICS: US Markets Could Face Substantial Losses, Analyst Declares The world reserves in the U.S. dollar are falling as Central Banks are looking at ways to end dependency on the currency. Read here to know how many sectors in the U.S. will be affected if BRICS ditches the dollar for trade. BRICS: The U.S. Dollar Global Reserves Fall to 59% Source: beincrypto.com The global reserves count of the U.S. dollar has now fallen to 59% in 2024, reported the Atlantic Council The U.S. dollar in reserves stood at 72% in 2002 and has been declining steadily in the last two decad...