Is the BRICS Currency Stronger Than the Dollar? Full Analysis The BRICS countries (Brazil, Russia, India, China, South Africa and now expanded members) have discussed creating a shared currency or payment system to reduce reliance on the US dollar. But can such an initiative actually challenge the dollar’s global dominance? Economic Scale and Size The US dollar remains the dominant global currency. It is involved in nearly 90 percent of global foreign exchange transactions and held in roughly 59 percent of official foreign reserves. The US economy alone represents about 24 percent of world GDP (approximately 25 trillion USD) . By comparison, the BRICS bloc collectively has a GDP exceeding 32 trillion USD or approximately 31.6 percent of global output . While larger overall than the US, BRICS lacks unified economic institutions or deep integrated financial markets behind a single currency. Structural Challenges BRICS countries differ widely in political systems, monetary ...