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BRICS member Russia is heavily diversifying its foreign exchange reserves by replacing the US dollar with gold. As of March 2025, gold makes up 34.4% of Russia’s foreign exchange reserves and is worth $217.4 billion. The Central Bank of India is massively accumulating the precious metal to safeguard its economy from market turmoil. Also Read: BRICS: Analyst Reveals If the US Dollar Can Maintain Its Dominance Russia is just one among the BRICS nations that has been aggressively buying gold since 2022. Its counterparts China, India, and Brazil have also been accumulating the glittery metal for 36 months. The developing countries are looking to sideline the US dollar for foreign exchange reserves as the currency comes with the risk of debt. If the market crashes, holding the US dollar becomes a financial burden and weakens their respective economy. Therefore, BRICS members are turning towards gold and other local currencies to distance themselves from the threat of acquiring debt. If...

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...