Bolivian president urges to stop using US dollar

(MENAFN)
Bolivian President Luis Arce has called on countries worldwide to abandon the US dollar in favor of using national currencies for international trade. Speaking to RT during the 17th BRICS summit in Rio de Janeiro, Arce emphasized the need for financial independence from the West, particularly in light of Western sanctions that froze Russia’s dollar and euro reserves following the escalation of the Ukraine conflict in 2022.

Arce endorsed BRICS' ongoing efforts to reduce reliance on foreign currencies, stating that it’s essential for nations to "stop using the US dollar" and instead use their own currencies or develop alternative payment systems. He highlighted what he sees as a global power shift, describing it as a struggle between the waning influence of the US and Europe and the rise of the BRICS alliance.

Bolivia became a BRICS partner country in early 2025, along with Belarus, Indonesia, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and later Vietnam. Arce views this partnership as a gateway to broader markets and economic benefits.

Meanwhile, Russian Finance Minister Anton Siluanov noted that using national currencies has helped BRICS countries escape the influence of Western financial institutions. He emphasized that these payment systems are reliable and shield members from potential disruptions by Western powers.

Russian Foreign Minister Sergey Lavrov previously stated that Russia now conducts 65% of its trade with BRICS nations using national currencies.

In response to BRICS’ growing independence, US President Donald Trump warned on Monday that any country aligning with the bloc could face an additional 10% tariff. He has labeled BRICS as "anti-American" and earlier in the year even declared the group “dead,” threatening 100% tariffs for those challenging the US dollar's dominance.

MENAFN09072025000045015687ID1109777333