BRICS: Iran Calls For a ‘Unified Currency’ To Challenge the US Dollar

The caller BRICS subordinate Iran is calling for a ‘unified currency’ to situation the US dollar’s planetary reserve currency status. The Islamic Republic is pulling respective options to dim the prospects of the US dollar’s hegemony. Iran is reeling nether sanctions from the US and is hopeless to find a viable enactment to assistance its economy. The desperation comes aft respective countries ended conducting concern with Iran that stalled its system starring to a lackluster GDP.

Also Read: De-Dollarization: New Country Emerges To Abandon the US Dollar

After China and Russia, Iran is present spearheading the de-dollarization docket arsenic a mode to instrumentality connected the US dollar. Read here to cognize however galore sectors successful the US volition beryllium affected if BRICS launches a ‘unified currency’. The determination could marque the US dollar suffer retired successful the proviso and request mechanics successful the currency markets. It could pb to hyperinflation if the US fails to marque different countries usage the dollar for trade.

Also Read: BRICS: 2 Countries Officially Agree To Ditch the US Dollar For Trade

BRICS: Iran Wants a ‘Unified Currency’ To Pull the US Dollar Down

Source: BBC

BRICS subordinate Iran revealed that they are unfastened to the enactment of a caller ‘unified currency’ arsenic an alternate outgo enactment to the US dollar. The Islamic Republic revealed that if BRICS travel to a statement astir the formation, they volition wholeheartedly enactment the initiative.

Also Read: BRICS: 40 Countries Look To Ditch the US Dollar

“If BRICS subordinate countries travel to a statement to usage a azygous and unified currency, we are each for it. We volition proceed from nationalist interests,” said the Iranian government’s spokesperson Fatemeh Mohajerani. However, BRICS mightiness not motorboat a ‘unified currency’ arsenic Trump would enforce 100% tariffs if they ditch the US dollar.

In addition, not each BRICS subordinate has cordial relations with Iran but for China and Russia. This puts the ‘unified currency’ inaugural nether question arsenic it does not acceptable their nationalist agendas. The thought could astir apt beryllium stalled successful the upcoming acme arsenic different countries mightiness not travel to a consensus.