Recently announcements have it that 36 nations have submitted applications to join the BRICS alliance this year in 2024, according to the most recent report. The official expressions of interest to join the bloc have been received by all 36 nations, as announced by South Africa's Foreign Minister Naledi Pandor. Each of the thirty-two countries that have submitted an application to join the alliance has a growing economy.

Recent events suggest that developing nations view the BRICS alliance as a promising union with the potential to significantly transform their economy. The BRICS countries are exploring methods to wean themselves off of the US dollar and encourage the use of local currencies in international trade. Pandor omitted, meanwhile, to list the 36 nations that have indicated a desire to join the BRICS alliance.

Developing nations find it alluring to use native currencies rather than US dollars. Most of them want to boost their home economies, and elevating their local currencies to a prominent position is one way to do so.

As they intend to stop depending on the USD, the twelve new members of the bloc will put tremendous pressure on the US currency.

#brics #brazil #russia #china #india #southafrica #money #usa
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