Your Title

ST. PETERSBURG: The power of BRICS in world is growing against the backdrop of the weakening of the US and dollar hegemony, Bolivian President Luis Arce said in an interview with Sputnik.

“We believe that the US hegemony that we may have had before has gradually diminished over all these years until it has given more weight to the BRICS countries, especially China, Russia and India. And these are very large markets,“ Arce said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

One of the challenges in building a multipolar world is the use of national currencies, the use of a different type of mechanisms, payments other than the hegemony of the dollar or euro, the president said, adding that monetary policies pursued by developed countries make financing more expensive in the world and do not help to boost global trade dynamics.

“The only way to do this is to use our own currencies to be able to move forward in increasing the volume of transactions, encouraging investment. In reality, currency simply makes things easier and therefore is not a unit of money that can be controlled and have hegemony over the rest of the planet,“ Arce added. - Bernama, Sputnik