SINGLE CURRENCY WITHIN BRICS ‘NOT POSSIBLE’ AT THE MOMENT

Sat 09 November 2024:

The formation of a single currency within the BRICS is “not possible” at the moment, Kremlin spokesman Dmitry Peskov said on Wednesday.

Speaking at a forum in Moscow, Peskov said the BRICS Leaders Summit in Kazan last month was extremely productive, with significant results achieved through extensive negotiations with a large number of guests.

He pointed out that while cooperation in finance and economics was also on the agenda at the summit, there was no significant discussion about the creation of a single currency within BRICS.

On the other hand, all countries understand that the world’s reserve currency, the US dollar, can be used as a political tool against them, or that the “SWIFT payment system can be used as a tool in attempts to suppress one of the states in the world,” the Kremlin spokesman said, adding that not all countries are yet ready to cooperate in establishing an alternative payment system.

Because of this understanding, he said countries have begun to work more on developing an alternative payment system.

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The idea of a single currency within BRICS—Brazil, Russia, India, China, and South Africa—is being discussed to reduce dependence on the U.S. dollar for trade and increase economic cooperation. Such a currency would simplify transactions between member countries, potentially boosting trade and stability within the bloc.

The goal is to create an alternative to Western-dominated financial systems, giving BRICS nations more control over their own economies and less vulnerability to currency fluctuations.

However, challenges include coordinating different economic policies, managing inflation rates, and balancing each country’s financial interests. Establishing a BRICS currency would require a significant political and financial commitment and may take years to develop.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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