BRICS: US Dollar Reserves Fall Below 60% For the First Time Since 1995
BRICS is brewing trouble for the US dollar reserves from all corners after the White House pressed sanctions on Russia in 2022. The alliance has been accumulating gold for two years and diversifying its central bank reserves with the precious metal. In the last 18 months, central banks of developing countries have combinedly brought 800 tonnes of gold. China has purchased a massive 225 tonnes of gold in the last 15 months alone. Also Read: BRICS Prepare to Induct 10 New Countries After 2024 Summit Russia, China, and India are among the top buyers of gold and are driving the prices of the precious metal. “On a year-to-date basis, central banks have bought an astonishing net 800 tonnes, 14% higher than the same period last year,” reported the World Gold Council. This is leading to a fall in the US dollar reserves as BRICS is replacing it with gold in their central banks. Also Read: BRICS: 40 Countries Want To Ditch the US Dollar BRICS: US Dollar-Denominated Central Bank Reserves Fall to...