The insistence of the President of Brazil to kick the dollar currency in international trade

  President Luiz Inácio Lula da Silva of Brazil has wanted to be kicked and put aside the use of the dollar currency in international business and to look for other currencies to fill the place of the American currency. The President of Brazil made the call on Wednesday and emphasized that the member countries of the BRICS group, which are South Africa, Russia, India, China and Brazil, should be at the forefront in achieving that important role. President Lula da Silva said: Everyone realizes that I am a supporter of countries using their currencies to do commercial transactions between different countries in the world.

When we, for example, do business with Argentina and China, why do we have to use the dollar currency when we can easily use our own currency in those transactions? Why do countries that have about half of the world's population fail to reach a meaningful decision in this matter? President Luiz Inácio Lula da Silva of Brazil Before that, President Vladimir Vladimirovich Putin of Russia when he spoke with the Governor of the New Development Bank of the BRICS group, Mrs. Dilma Vana Rousseff emphasized that the BRICS bank has the responsibility of establishing a system of used in other currencies in international transactions. He said, establishing financial institutions to replace existing institutions at this time when Washington is using the US dollar as a weapon, is a serious but urgent matter. The campaign to fight the US dollar currency has gained momentum right now and entered the fastest in 2007.

Currently, many countries in the world have come up with the idea of abandoning the use of the dollar currency in their commercial transactions. During the years 2007 and 2008, a major economic crisis broke out in the world. At that time and for the first time, Russia, China and Latin American countries officially began to experiment with the use of their own currencies in their commercial transactions. Another problem that is bigger is that since most of the commercial transactions in the world are done in dollar currency, the United States has turned that currency into a weapon against countries that do not like to be dragged by the stable dollar. It uses the dollar currency to try to deal a blow to its rival countries and enemies regardless of the consequences of its economic war. In fact, the United States has been using the dollar currency as its main weapon to pressure other countries in international financial transactions.

Although until now the dollar is considered to be the largest currency in the financial reserves of the world's banks, but the act of the United States to use the currency as a weapon has led to an increase in the speed of the countries of the world to stop using the currency in their commercial transactions. Among those countries are members of the Eurasian Economic Union that have decided to kick the dollar currency in all their commercial and financial transactions. The move has gained strength especially after the United States started imposing sanctions on Russia in the past year and a half since the start of the war in Ukraine. Moreover, countries like China, India and Turkey have clearly shown that they are not ready to participate in the US sanctions against Russia and that is why they have entered the trend of using their local currencies in their transactions and abandoning the dollar currency.

Miss Elvira Sakhipzadovna Nabiullina, the Governor of the Central Bank of Russia, on her part, has said that one of the reasons for the war against the dollar currency in her country's economy is the US sanctions. He has said: 'I feel the international situation is changing. Little by little we see the world moving towards a multi-currency financial system.' The United States uses the dollar as a weapon, but now many countries are kicking the currency. The continuation of the United States' misuse of the dollar as a weapon of economic war against other countries is increasing the desire of the rapidly developing countries in the world to find other currencies to do their business with. It is indeed a big blow to the United States. In 2015, the leaders of the BRICS group, that is South Africa, Russia, Brazil, India and China, announced that they have decided to use their own money in commercial exchanges and take basic steps to reduce dependence on the dollar currency.

 After the member countries of Eurasia announced that they have started to officially implement the policy of using national currencies in their commercial exchanges, which is another important step to kick the currency of the United States dollar, at the end of March this year 2023, two other important countries of the G20 group, i.e. Brazil and China, which have the largest economies in the world and are members of BRICS, decided to start officially implementing this matter.