Iranian President Masoud Pezheskian is coming to India to attend the BRICS Summit. The 18th BRICS summit will be held in New Delhi on September 12-13. Amid tensions in West Asia, speculation surrounding his arrival in New Delhi intensified.
BRICS was made up of Brazil, Russia, India, China and South Africa. The organization expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates in 2024. Indonesia joins BRICS in 2025. Informed circles consider this conference to be significant. According to a media report on the eve of the conference, Central Bank of Iran Governor Abdolnas Hamtham said Tehran will soon join the 'New Development Bank' (a development lending institution established by the BRICS alliance). No peace agreement has yet been reached to end the current conflict between America and Israel. Meanwhile, it is acting as an additional incentive for Tehran to seek alternative financial avenues outside of the dollar-based financial system. In this situation, it can be said that all eyes will be on their participation in the BRICS conference.
Amidst rumors of a 'BRICS currency', Donald Trump recently issued a stern warning saying, “We want a commitment from those countries that they will not introduce any new currency for the BRICS to replace the US dollar.” If they do that, they will face 100 percent duty.” This warning did not work. Instead, America's discomfort has increased. However, no clear picture of the alternative path was found. Yet the buzz grew steadily. In this situation, it can be said that the White House's excitement will rise again around the arrival of the Iranian president in India.
Incidentally, the US dollar is the most used currency in world trade. But many countries have repeatedly complained that they are tired of America's 'bullying' of the global economy. Last October, Russian President Vladimir Putin slammed the US, accusing Washington of making a 'big mistake' by using the dollar as a 'weapon'. And as a result, Russia has also started looking for alternatives to the dollar. From there, the topic of BRICS currency comes up.
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