South Sudan: The BRICS bank is the beginning of the end of dollar control

The Minister of Presidential Affairs of South Sudan has said that the emergence of the new NDB Bank of the BRICS group of emerging economic powers will be the beginning of the collapse of the control of the US dollar currency in financial transactions around the world.

Barnaba Benjamin has said that the administration of the World Bank will end soon by further expanding the branches of the development banks of the BRICS group of emerging economies. The minister of South Sudan has emphasized that the terms of the new development banks of the BRICS group are very attractive, because, unlike the World Bank, you can quickly benefit from the financial facilities of those banks. 

This official added that, along with the expansion of development banks that are members of the BRICS group, we will soon witness the end of the international governance and control of the International Monetary Fund (IMF) and the World Bank. At the same time, the Minister of Finance of Russia has pointed out that the member countries of the BRICS group are preparing to establish a banking communication system as an alternative to SWIFT of the West. Anton Siluanov has been quoted as saying this by the TASS news agency and explained that the issue of establishing an alternative SWIFT system will be discussed by the member countries of BIRCS at the meeting of the economic community next year.

Although the SWIFT network claims that it does not favor any party in political matters, it is clear that the United States and other Western countries use the system as a means to achieve their foreign and financial political goals. In response to Western sanctions against Russia on the pretext of the war in Ukraine, Moscow is making efforts to do business using national currencies. Considering the recent financial challenges in the world and the harsh foreign policies of the United States, BRICS member countries want to take steps to reduce international dependence on the US dollar and the currency of European countries, the euro. The BRICS group consists of Russia, Brazil, India, China and South Africa. The countries of Argentina, Egypt, Ethiopia, the Islamic Republic of Iran, Saudi Arabia and the United Arab Emirates have also been invited to join the group.