The BRICS nations — named after original members Brazil, Russia, India, China and South Africa — are among the fast-growing economies in the 21st century. They are keen to reduce their dependence on the US dollar, the world's reserve currency, used for nearly 80% of global trade.

Most economists agree that the dollar-dominated financial system gives the United States major economic advantages, including lower borrowing costs, the ability to sustain larger fiscal deficits and exchange-rate stability, among others.

The dollar is the main currency used to price commodities like oil and gold, and its stability means investors often flock to the dollar during uncertain times.

Washington also benefits from enormous geopolitical influence from so-called dollarization, including the ability to impose sanctions on other nations and restrict their access to trade and capital.

BRICS nations, which expanded recently to include Iran, Egypt, Ethiopia, and the United Arab Emirates, have accused Washington of "weaponizing" the dollar, leveraging the currency so that rivals must operate within a framework defined by US interests.

Discussions about a new joint currency gained traction after the US and European Union imposed sanctions on Russia over its 2022 full-scale invasion of Ukraine, amid concerns other BRICS nations could be targeted if they fell out with the West.

The creation of a BRICS currency was first mooted shortly after........

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