Home News BRICS: ASEAN Countries Set To Boycott U.S. Dollar For Local Currencies
NewsWorld

BRICS: ASEAN Countries Set To Boycott U.S. Dollar For Local Currencies

561
ASEAN Countries to Boycott U.S. Dollar for Local Currencies
AFP PHOTO / Roslan RAHMAN

The Association of Southeast Asian Nations (ASEAN), consisting of ten Asian countries, is planning to boycott the U.S. dollar to promote local currencies for cross-border transactions.

In a bid to end its over-reliance on the dollar for global trade, the bloc, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, plans to expand on its $4 trillion economy, but with local currency transaction.

This disclosure followed the International Monetary Fund’s (IMF) confirmation of the pressure rising from the BRICS de-dollarization agenda, as members now conduct business based on their geopolitical alliances with other countries.

In a paper titled ‘Impact of Geopolitics on International Trade and the Dollar’, the IMF stated that BRICS is shifting its global economic policies.

However, the ASEAN move to ditch the dollar is a work in progress, but if and when implemented, the pressure on the dollar will heighten while local currencies will strengthen.

Indonesian President Joko Widodo has since urged other ASEAN bloc members to boycott the dollar for local currencies’ boost.

Meanwhile, the United States maintains a relative de facto power by placing sanctions on countries looking to promote its local currency in the global financial market.

About The Author

Written by
Mayowa Durosinmi

M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

Related Articles

Despite Empty Booth Setback at TICAD9, Tinubu Regime Falsely Claims Japan Approved ‘Special Visa’ for Nigerians in Kisarazu
NewsPolitics

Despite Empty Booth Setback at TICAD9, Tinubu Regime Falsely Claims Japan Approved ‘Special Visa’ for Nigerians in Kisarazu

As Nigeria’s global image struggles to recover from an avoidable embarrassment after...

Nigerian Passport
NewsTravel

Nigeria’s Passport Hike: How Rising Fees and Western Influence Are Pricing Ordinary Nigerians Out of Global Travel

Nigeria’s recent decision to raise the cost of international passports has sparked...

News

Russia Proposes Establishment Of Nuclear Power Plant in Niger

Russia has proposed building a nuclear power plant in Niger, offering broad...

Rose Gidado, Dual Regulator and Bill Gates-Funded TELA Maize Advocate, Defends GMO Safety With ‘We Won’t Poison Our Own People’
AgricultureNews

Rose Gidado, Nigeria’s GMO Regulator and TELA Maize Advocate, Defends Safety – ‘We Won’t Poison Our Own People’

Rose Gidado, Director at the Department of Agricultural Biotechnology of the National...