Fact Check: NO, This Is NOT A New BRICS Banknote That Will Replace The Dollar

Fact Check

  • by: Lead Stories Staff
Fact Check: NO, This Is NOT A New BRICS Banknote That Will Replace The Dollar Souvenir

Did BRICS publish a banknote for the group's new currency that is meant to replace the dollar in financial transactions? No, that's not true: The Russian ambassador to South Africa presented a commemorative BRICS banknote as a souvenir to a United Arab Emirates counterpart at the BRICS (Brazil, Russia, India, China and South Africa) summit in South Africa in 2023.

The claim appeared in several posts like this video (archived here), published on TikTok on September 14, 2023, under the title "#BRICS #BRICS New Banknote." The video shows a banknote with banners that read (translated from Arabic into English by Lead Stories staff):

The new banknote made by the BRICS countries to rival the dollar has been published

Putin officially announces: I will work to end the dollar dominance

This is what the post looked like on TikTok at the time of writing:

BRICS Banknote.png

(Source: TikTok screenshot taken on Wed September 27 14:58:19 2023 UTC)

According to Reuters, Brazil did propose the idea of establishing a shared currency among the BRICS nations to facilitate trade and investment while mitigating the impact of fluctuations in the U.S. dollar exchange rate. However, officials and economists have highlighted the considerable challenges associated with this initiative, citing the significant economic, political and geographical differences among the five nations.

The bill featured in these posts was a commemorative banknote given by the Russian ambassador in South Africa to his UAE counterpart, Mahash Saeed Alhameli, during the group's 15th summit in Johannesburg in August 2023, as reported by the Russian state news agency TASS,.

Want to inform others about the accuracy of this story?

See who is sharing it (it might even be your friends...) and leave the link in the comments.:

  Lead Stories Staff

Lead Stories is a fact checking website that is always looking for the latest false, deceptive or inaccurate stories (or media) making the rounds on the internet.

Read more about or contact Lead Stories Staff

About us

International Fact-Checking Organization Meta Third-Party Fact Checker

Lead Stories is a U.S. based fact checking website that is always looking for the latest false, misleading, deceptive or inaccurate stories, videos or images going viral on the internet.
Spotted something? Let us know!.

Lead Stories is a:

Follow us on social media

Subscribe to our newsletter

* indicates required

Please select all the ways you would like to hear from Lead Stories LLC:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Most Read

Most Recent

Share your opinion