BRICS Currency to be Adopted by Algeria?



Could Algeria join and use the growing BRICS currency as the BRICS bloc has consistently had the idea of growth in mind? The country might then join a plethora of other nations that are vying for membership in the group. 

More than 20 countries are rumored to have submitted membership applications to join the group as the yearly summit approaches quickly. Now, may Algeria be on the verge of joining the group given its position and connections to the BRICS countries?

Will Algeria Join the BRICS?

Algeria officially declared its BRICS membership quest in November 2022. The nation was then scheduled to join the economic group that already included South Africa, Brazil, Russia, India, and China. The two main members of the group had since expressed optimism on the possibility of the country joining.

Sergey Lvrov, the foreign minister of Russia, said specifically, "With its qualifications, Algeria is a leading contender," to join the union. In addition, with the summit just a few months away, the bloc's growth goals seem more tangible than ever. 

Ever since South Africa joined in 2011, BRICS has not grown. Even so, it seems as though the discussion of growth has picked up steam in the weeks leading up to its upcoming annual summit. According to Abdelmadjid Tebboune, the president of Algeria, "membership of BRICS is dependent on an economic condition that Algeria largely satisfies."

The BRICS countries account for 42% of global population and 25% of global GDP. As a result, other nations have wished to join its ranks. Additionally, Algeria's admission to BRICS may open the door for the adoption of the BRICS currency. In particular, it is set to become yet another topic of conversation at the yearly summit.

Algeria is now experiencing economic difficulties. In particular, its $174.2 billion GDP in 2021 would be the lowest in the bloc. South Africa reported a GDP of $353.26 billion in that same year, in comparison. This is a fact that needs to be addressed before the nation is accepted.

They might therefore view that as preventing their eventual acceptance of it. Instead, it does claim a good geographic location and a rapidly expanding population. Ultimately, the arrangement may be advantageous for both parties due to the BRICS' desire to grow and Algeria's qualities.


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