Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Tebboune: Achieving economic integration must not remain a dream.
Algerian Foreign Minister Ahmed Attaf delivers a speech on behalf of Algerian President Abdelmadjid Tebboune at the Fifth Arab Development, Economic, and Social Summit in Baghdad.
Mustafa: We reaffirm our commitment to work with our brothers and friends around the world for stability and an end to wars.
Palestinian Prime Minister Mohammad Mustafa: We stress the importance of reaching an agreement to implement the initiatives of the Development, Economic, and Social Summit.
Aboul Gheit: The global economy is going through a period of turbulence.
Aboul Gheit: Concrete solutions must be found for the issue of Arab food security in line with the strategy proposed at the Arab Summit in Baghdad.
Aboul Gheit: Arab national security is an integrated whole that cannot be achieved without food, social, cyber, and other forms of security.
Arab League Secretary-General Ahmed Aboul Gheit: We present a comprehensive Arab strategy for food security at the Arab Development Summit.
The closing statement of the Arab Summit: We reaffirm our absolute rejection of the displacement of the Palestinian people and call for the delivery of aid to the Gaza Strip.
The closing statement of the Arab Summit: The goal of the Arab Summit is to unify our efforts and achieve the interests of the peoples of our region.

South Africa: BRICS mulling new payment system to ditch dollar control

  • By Al Mayadeen English
  • Source: Agencies
  • 18 Jan 2023 09:15
  • 4 Shares
3 Min Read

South African Foreign Minister Naledi Pandor divulges that "we have always been concerned at the fact that there is a dominance of the dollar and that we do need to look at an alternative."

  • x
  • US dollar has been losing its status (Getty Images)
    The US dollar has been losing its status (Getty Images)

South African Foreign Minister Naledi Pandor said as quoted by Sputnik that the BRICS club of emerging economies seeks to discover a way of bypassing the dollar to create a fairer payment system that would not be skewed toward wealthy countries.

Pando tersely stated that "we have always been concerned at the fact that there is a dominance of the dollar and that we do need to look at an alternative."

"The systems currently in place tend to privilege very wealthy countries and tend to be really a challenge for countries, such as ourselves, which have to make payments in dollars which costs much more in terms of our various currencies. So I do think a fairer system has to be developed and it's something we're discussing with the BRICS ministers in the economic sector discussions," she said. 

Minister Pandor went on to say that one of the reasons why BRICS — Brazil, Russia, India, China, and South Africa — established the jointly-run New Development Bank (NDB) in 2014 was to develop an alternative to the dollar-based payments system.

Related News

About 24% of BRICS investment transactions made in national currencies

BRICS FMs condemn unilateral protectionism, call for UN reforms

"BRICS has a number of sectoral committees that look at issues of politics and security, the economy and people-to-people exchange, and within the economic context we are looking at how the NDB and other institutional formations may assist us to develop a fairer system of monetary exchange," she stressed.

It is worth noting that the advisor to Iran's Supreme Leader in international affairs, Ali Akbar Velayati, has recently told Russian sources that Russia and China's trade with currencies other than the US dollar represents "very good progress" in the face of Washington's hegemony of the IMF. 

"China and Russia, being the two main members of the BRICS, which also includes India, South Africa, and Brazil, are carrying out many transactions with each other without the use of foreign currency [US dollar]. The fact that they are not tied to the dollar, which depends on the will of the US, is very good progress," Velayati said.  

Since the end of WWII, the US has dominated much of the global economy, holding most of the gold and serving as the world’s creditor. But recently, economists and financial analysts started to notice that the US dollar has been losing its status as the leading global reserve currency.

Prospects of the de-dollarization of the global economy are argued to be likely due to the fact that many consider abiding by the sanctions unfairly imposed on Russia too costly.

Read more: De-dollarization: Slowly but surely

  • BRICS
  • South Africa
  • de-dollarization
  • Naledi Pandor

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
A Microsoft sign and logo are pictured at the company's headquarters, Friday, April 4, 2025, in Redmond, Wash. (AP)
Technology

Microsoft admits supplying AI to 'Israel' amid Gaza carnage

Israeli occupation’s tanks parked in a staging area near the border with Gaza, Friday, May 16, 2025. (AP)
Politics

'Israel' launches multi-axis assault in Gaza under 'Gideon’s Chariots'

People stand at the train ticket counter of NJ Transit at Penn Station, amid a strike by New Jersey Transit train engineers, in New York, Friday, May 16, 2025. (AP)
Economy

Commuters stranded amid first New Jersey railway strike in 40 years

Trump's tax bill stalls as Republican opposition demands deeper cuts
US & Canada

Trump's tax bill stalls as Republican opposition demands deeper cuts

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS