Egypt has officially taken bold steps to abandon the US dollar in trade as part of a campaign by BRICS, pushing economies to use native currencies for trade and investment between each other. This is a strategy to create a coalition of developing economies that aim to reduce their dependence on the U.S. dollar and eventually bring forth the complete "de-dollarization"of the world's economy.
Egypt was one of six countries to accept the offer early this year to join this alliance alongside Saudi Arabia. In October 2022, we reported that Saudi Arabia was flirting with the idea of joining the BRICS alliance and what the potential grave implication that could have on the Petro Dollar.
Last summer, 10 ASEAN (Association of Southeast Asian Nations) countries agreed to cease trading in the US dollar to use native currencies for cross-border settlements. The expansion of BRICS not only challenges the dollar’s hegemony in international trade but threatens to radically change global economic dominance and geopolitics.