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The oil-rich Saudi Arabia formally sent its application to join the BRICS alliance, reported Bloomberg. The South African BRICS ambassador Anil Sooklal confirmed that five Middle Eastern countries have shown their interest to join the bloc. The five countries are Saudi Arabia , the United Arab Emirates, Bahrain, Egypt, and Algeria. The nations export millions of oil barrels to the West every year settling transactions in the U.S. dollar. Talks are in progress with Saudi Arabia looking to fund the BRICS bank, commonly called The New Development Bank (NDB). If the BRICS alliance accepts Saudi’s funding, it could usher in a new era of financial dominance with constant cash flow from the oil-rich nation. Saudi Arabia funding of the BRICS bank poses a challenge to the U.S. dollar’s supremacy as the global reserve currency. Also Read:  BRICS : China Does Not Want the Chinese Yuan To Replace U.S. Dollar as Reserve Currency BRICS: Saudi Arabia Challenges U.S. Dollar’s Global C...

BRICS countries are advancing to eliminate the U.S. dollar financial system and replace it with a new currency. The yet-to-be-released tender will take on the dollar and challenge its status as the global reserve. The five nations’ bloc aims to promote either their native currencies or the new tender to settle cross-border transactions. Moreover, the move has impressed other countries that now want to be a part of the BRICS alliance. Also Read: Ahead of Joining BRICS , Iraq Issues Ban on U.S. Dollar Transactions South Africa’s Foreign Affairs Minister, Naledi Pandor confirmed that BRICS is receiving a surge of interest from several countries. Pandor also revealed that the alliance is sorting out the surge by scrutinizing the nations that want to join the bloc. According to a report from Telesur, BRICS is looking to allow like-minded countries to join the group. BRICS Attracts Interest From New Countries to Ditch U.S. Dollar Source: ChinaDaily.com The inclusion of new coun...