A BRICS currency is unlikely to dislodge dollar any time soon – but it signifies growing challenge to established economic order

A window into a new way of doing global economic business. Rodger Bosch/AFP via Getty Images)

Could a new currency be set to challenge the dominance of the dollar? Perhaps, but that may not be the point.

In August 2023, South Africa will host the leaders of Brazil, Russia, India, China and South Africa – a group of nations known by the acronym BRICS. Among the items on the agenda is the creation of a new joint BRICS currency.