Brazilian President Calls for Abandoning Dollar in Global Trade

Brazilian President Lula da Silva has suggested moving away from the dollar in international trade. He made this statement during his visit to China on April 13.

“Who decided that our currencies are weak and have no value in other countries? Who decided that the dollar became the main currency after the gold standard was abolished?” he said during a speech at the New Development Bank in Shanghai.

Da Silva invited BRICS countries to develop their own currency that could be used in global trade.

Earlier, on April 11, the head of the Central Bank of the Philippines, Felipe Medalla, stated that the dominance of the US dollar will diminish more and more over time. He also advocated for creating an alternative to the SWIFT international interbank system.