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Brazil nixes BRICS currency, still seeks less reliance on dollar
By Marcela Ayres, Bernardo Caram, and Lisandra Paraguassu
Reuters
Thursday, February 13, 2025
BRASILIA -- Brazil's BRICS presidency will not advance a common currency for the group of major developing economies this year, four government officials said, but its agenda may pave the way for less reliance on the U.S. dollar in global trade.
That agenda could draw the ire of U.S. President Donald Trump, who has twice in recent months warned the BRICS group, founded by Brazil, Russia, India, and China, not to challenge the dominance of "the mighty U.S. dollar."
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"There is no chance that BRICS will replace the U.S. dollar in international trade, or anywhere else, and any country that tries should say hello to tariffs and goodbye to America," Trump wrote on social media last month.
The Brazilian officials, who requested anonymity to discuss plans, said the idea of a shared currency to replace the dollar, floated by President Luiz Inacio Lula da Silva and others at recent BRICS summits, has never entered technical discussions. ...
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