BRICS: Current Progress of Dedollarization and Settlements in National Currencies

The article examines the processes of de-dollarization in the global monetary and financial system and the role of the BRICS countries in this process. It is shown that the BRICS countries are consistently promoting de-dollarization and expanding the practice of settlements in national currencies, implementing a range of measures, including the development of alternative payment systems and building up gold reserves. These steps make it possible to reduce dependence on the US dollar, minimize the risks of Western sanctions and increase resilience to the volatility of the US currency. The new BRICS members are also contributing to this process. In parallel, projects based on central banks' digital currencies are being developed. Nevertheless, the dollar continues to occupy a dominant position in the international financial system. However, there have been clear signs of gradual de-dollarization recently. The author concludes that, despite the existing difficulties, there is considerable potential and prospects for further cooperation in the field of de-dollarization within the framework of the BRICS; Today, the foundations have already been formed – objective and subjective prerequisites – for increasingly active de-dollarization, and this process seems irreversible. The author substantiates the point of view that today in BRICS it seems advisable to shift the emphasis from the idea of a single currency similar to the euro to more realistic alternatives – expanding the use of national currencies in mutual trade, creating a common unit of account for assessing commodity supplies and setting reference prices. These measures make it possible to move towards de-dollarization without having to solve the tasks of unifying monetary policies and creating a supranational regulator that are practically unsolvable at the current stage.