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BRICS challenges US ‘dollar dominance’, Saudi considers selling oil in other currencies: New multipolar economic order

BRICS is “developing a fairer system of monetary exchange” to challenge the “dominance of the dollar”, South Africa revealed. Saudi Arabia is considering selling oil in other currencies. Economist Zoltan Pozsar says the US “unipolar era” is over.
 
by Ben Norton 

Part 2 - BRICS works to ‘develop a fairer system of monetary exchange’ as alternative to ‘dominance of the dollar’

South Africa’s Foreign Minister Naledi Pandor told Russia’s state media outlet Sputnik that the BRICS bloc is working to “develop a fairer system of monetary exchange”, to weaken the “dominance of the dollar”.

Pandor’s comments were ignored by Western media outlets, but widely reported in the Indian press.

We have always been concerned by the fact that there is a dominance of the dollar and that we do need to look at alternative [systems]”, she said.

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”, Pandor continued.

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”, the South African foreign minister added.

In 2014, the BRICS countries created the New Development Bank (NDB) as an alternative to the US-dominated World Bank.

Pandor explained, “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”.

The South African foreign minister also criticized the United States’ imposition of unilateral sanctions, which are illegal under international law.

She told Sputnik, “We always have a problem with unilateral sanctions and their impact on many countries that fall outside a particular conflict, so we have indicated to our friends in the United States that we really want them to relook at this imposition of unilateral sanctions, which is often not very helpful a strategy in resolving problems”.

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