Brazilian President Luiz Inácio Lula da Silva stated on Monday, July 7, in Rio de Janeiro, during the BRICS summit, that the US dollar’s hegemony will disappear.

Lula asserted that “the US dollar will cease to be the reference currency in international trade, and advocated for a gradual replacement by local currencies.”

According to the Brazilian president, this hegemony will gradually end until it is consolidated. He added that each country’s Central Bank must organize this process.

He stated: “The world needs to find a way to ensure that our trade relationship does not have to be based on the dollar.” According to the president, no one has established the US dollar as the standard currency for international trade.

M.Pino

Source: actualidad.rt

(Reference image source: Avinash Kumar on Unsplash)

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