The role of BRICS in challenging dollar dominance: Prospects of a common currency

Waqeem Akram, Shehar Bano (), Zeeshan Ali and Shumaila Akram
Additional contact information
Waqeem Akram: University of the Punjab
Shehar Bano: Universitas Islam Internasional Indonesia
Zeeshan Ali: Higher Education Department, Punjab
Shumaila Akram: Higher Education Department, Punjab

Priviet Social Sciences Journal, 2026, vol. 6, issue 2, 564-575

Abstract: In this paper, the researcher examines how the BRICS can break the global hegemony of the United States Dollar (USD) and the future of establishing a common currency. The paper is concerned with economic and political reasons behind the initiative, the viability of such a project, and its larger implications in the world context. The study applies a qualitative, comparative and analytical design to use secondary materials such as scholarly research, policy documents and foreign financial information. The Eurozone and de-dollarization in Russia and China are also the case studies that may be viewed as providing comparative information. Results indicate that dissatisfaction with dollar hegemony is increasing especially among emerging economies that are considering it as an instrument of vulnerability to external shocks and sanctions. The BRICS members also seek to cut on the use of USD by encouraging the local currencies trade, creating systems of payment and discussing a common currency. Nonetheless, the project has major challenges such as economic heterogeneity, leadership asymmetry, poor institutions, and lack of credibility. This paper concludes that although a BRICS common currency is still a distant dream, current efforts already portend a slow transition to financial multipolarity. This adds to the world discussions of currency power and brings about the possibility of a more pluralistic world monetary system.

Keywords: BRICS; Dollar hegemony; Common currency; Multipolar finance; World trade (search for similar items in EconPapers)
Date: 2026
References: Add references at CitEc
Citations:

Downloads: (external link)
https://journal.privietlab.org/download.php?id=12619 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prv:pssjpv:1055

Ordering information: This journal article can be ordered from
https://journal.priv ... SJ/article/view/1055

DOI: 10.55942/pssj.v6i2.1055

Access Statistics for this article

More articles in Priviet Social Sciences Journal from Privietlab Research Center
Bibliographic data for series maintained by Mochammad Fahlevi ().