In a note from BNY Mellon said that the dollar is not going to lose its status as the global dominant in the near future. Even if BRICS spreads its expansion in the developing nations indicates something different Mellon was confident about the dominance of dollars in the world economy.
In the last week, a summit in Johannesburg with leaders of the BRICS like India, Russia, China, Brazil, and South Africa has invited nations like Egypt, UAE (United Arab Emirates), Saudi Arabia, and Argentina. BNY said that finding an alternative to the dollar is one of the objectives of BRICS.
According to some speculations, because Saudi Arabia, Egypt, the UAE, and Iran joined the BRICS, the new group is going to become a heavyweight in terms of energy exports, specifically in oil.
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