BRICS's Messaging About De-Dollarization Could Get Even Messier If Zimbabwe Joins The Group's Bank

Huileng Tan    Tue, September 19, 2023

A former Zimbabwe finance minister said de-dollarization could result in an economic "disaster."

Zimbabwe has applied to join the BRICS bank, where there's debate about moving away from the dollar.

In an August summit, BRICS leaders gave differing statements about de-dollarization.

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Zimbabwe wants to join a bank founded by the BRICS group of emerging nations — but a de-dollarization debate has started before the country's application has been approved.

Tendai Biti, a former Zimbabwe finance minister, has said there could be an economic "disaster" if the current administration of President Emmerson Mnangagwa decides to ditch the dollar.

Biti wrote in an X post on Thursday that any move away from the greenback was a "zany attempt to follow the global de-dollarization agenda being pursued by #BRICS & other new world order advocates," referring to the bloc of Brazil, Russia, India, China, and South Africa.

"This move will be an absolute disaster & will cost worker's & pensioners," he wrote.

TENDAI BITI@BitiTendai   The regime is intend on de-dollarization.This move will be an absolute disaster & will cost worker’s & pensioners. Conditions for dedollarzation don’t exist. Move is a zany  attempt to follow global de- dollarization agenda being pursued by #BRICS & other new world order advocates

He also said Zimbabwe didn't have the economic conditions to ditch the dollar.

Biti's comments add to an intense ongoing debate over de-dollarization, as Zimbabwe has applied to join BRICS's New Development Bank. The discourse has been fanned by fears that Washington is weaponizing the dollar-denominated global financial system against Russia over the Ukraine war.

The discussion has been so intense that there was even talk about the possible creation of a common BRICS currency during a recent summit in August.

https://finance.yahoo.com/news/brics-messaging-dollarization-could-even-131926942.html