The pressure toward the diversification of world currency reserves intensified after 2008, escalated following 2022 and is accelerating, as evidenced by the recent BRICS summit in Kazan, Russia.

IN the past 15 years or so, BRICS has rapidly grown into a geoeconomic front of the Global South. Iran, Egypt, Ethiopia and the United Arab Emirates attended their first summit as member states in Kazan. Saudi Arabia has been invited to join BRICS. Together, the BRICS members encompass nearly a third of the world's land surface and almost half of world population.