Yes. As reported currently. I'm wondering if S. Africa is contributing via gold or other precious metals or stones as a sort of "backing". That would be some interesting sauce to uncover. Saudi has to be included at some point as such a huge oil producer, but their involvement is likely hidden or delayed for a while, IMO. It is going to be an interesting transition from the petrodollar to whatever is next for them.
The S in BRICS does refer to South Africa. Saudi Arabia hasn't officially joined yet.
Yes. As reported currently. I'm wondering if S. Africa is contributing via gold or other precious metals or stones as a sort of "backing". That would be some interesting sauce to uncover. Saudi has to be included at some point as such a huge oil producer, but their involvement is likely hidden or delayed for a while, IMO. It is going to be an interesting transition from the petrodollar to whatever is next for them.