*Bank Indonesia calls importers, exporters to stop payments in US Dollar – Dan Popescu
*Says China, Japan, Thailand, Malaysia already agreed to use the mechanism of two-way payments and dedollarasing
…with Singapore, Philippines planning to join the system
…EU, BRICS+ also dedollarising
Some BRICS states have already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro.
Some BRICS states have already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro.
On Wednesday, Egypt ratified its participation in the New Development Bank (NDB) which was created by Brazil, Russia, India, China and South Africa (BRICS) in 2014.
Egyptian President Abdel Fatah Al Sissi’s cabinet ratified the agreement establishing the NDB and Egypt’s accession document to that institution, which began operating in 2015 in Shanghai. From there, the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health.
“Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone,” RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July.
“BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro,” it added.
Currently, Egyptian President Al Sissi is in Saudi Arabia participating in the summit of Arab countries with China, the nation with the largest economy among the BRICS.
Egyptian Finance Minister Mohamed Maait affirmed his country’s enthusiasm for enhancing cooperation with international development partners, especially in light of the “unprecedented development movement” he is witnessing in Cairo.
Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.
Bank Indonesia calls importers, exporters to stop payments in US Dollar
“Bank Indonesia calls on importers, exporters to stop payments in US Dollar. China, Japan, Thailand, Malaysia have already agreed to use the mechanism of two-way payments and dedollarasing, with Singapore, Philippines planning to join the system. EU, BRICS+ also dedollarising,” tweeted on Thursday December 8, 2022 by Dan Popescu @PopescuCo
He also said, “US Treasury Secretary Connally told G10 countries in 1971 that US dollar ‘is our currency, but it’s your problem’. Well, same year he found out US dollar was US’ problem with the collapse of the dollar of 80% vs #gold in 5 years after delinking it from gold. Hasn’t recovered yet.”
