Iran is one of five countries that have officially joined BRICS as members. The integration now complete, the country now clearly displays its ambition through the latter, namely, to put an end to the hegemony of the American dollar. To this end, Iran calls on the BRICS countries, which all pursue this common goal, to accelerate plans for the issuance of a common currency for the organization.
Iran supports plan to create a common BRICS currency
Recently, BRICS, the alliance bringing together Brazil, Russia, India, China and South Africa, formalized the integration of five new members, including Iran. The country did not wait long to demonstrate to the world its ambition for integration.
The latter seems intimately linked to the country’s complex and deeply tumultuous relationship with the United States for decades. Hostile reports, which justify that Iran supports the plan to annihilate American hegemony exercised via its currency.
Since then, Iran strongly desires the emergence of a common BRICS currency. The objective is to challenge the domination of the US dollar on the world stage while facilitating cross-border transactions between member countries.
Mahdi Safari, Iran’s Deputy Foreign Minister, recently expressed his country’s impatience with the formation of this common BRICS currency. This, emphasizing that such a project would come to fruition more quickly, if all members approved it.
Advocacy in line with BRICS dedollarization efforts
Substantively, Iran’s support aligns with dedollarization efforts previously championed by China and Russia within BRICS. Mahdi Safari highlighted the potential effectiveness of a unified currency within the country’s group.
He thinks that such an option would have the impact of promoting the use of national currencies to the great displeasure of the American dollar. With this in mind, he indicated Iran’s commitment to advancing this initiative.
In reality, it could not be otherwise given the economic challenges that Iran, like Russia, faces. This, due to sanctions imposed by the United States for its alleged involvement in promoting war and terrorism.
The coming months are expected to see intensified discussions and negotiations among BRICS members regarding the feasibility and acceptance of this proposed currency. As a reminder, the organization intends, alongside its monetary project which could concern cryptos, to end its dependence on the SWIFT banking system. Likewise, they envision an Internet without American influence.
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