A BRICS currency will not be on the agenda of the bloc’s summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa’s senior BRICS diplomat said on Thursday.
“There’s never been talk of a BRICS currency, it’s not on the agenda,” Anil Sooklal, South Africa’s Ambassador at Large: Asia and BRICS, told a media briefing.
“What we have said and we continue to deepen is trading in local currencies and settlement in local currencies.”
Brazil’s President Luiz Inacio Lula da Silva and Russian foreign minister Sergei Lavrov are among BRICS leaders that touted the idea of a common currency as the bloc aims to challenge the western dominance of global finance amid Russia’s sanctions-imposed exile after it invaded Ukraine last year.
This has pushed countries to find alternatives to the dollar, especially among non-U.S. allies.
However, India’s foreign minister said earlier this month that currencies would remain “very much a national issue for a long time to come”, while South Africa’s central bank governor has pointed out that a common currency requires a banking union, a fiscal union and macroeconomic convergence.
“BRICS started a process that has been expedited as a result of the conflict, as a result of unilateral sanctions,” Sooklal said. “The days of a dollar centric world is over, that’s a reality. We have a multipolar global trading system today.”
Source: https://www.investing.com/news/forex-news/brics-currency-not-on-august-summit-agenda–south-african-official-3130086
The White House on Thursday said Nippon Steel Corp’s $14.9 billion proposed acquisition of U.S. Steel Corp deserves “serious scrutiny,” given the company’s core role in U.S. steel production that is critical to national security. In its first substantive statement on the deal, the White House said it viewed a strong domestic steel industry as […]
The angular, polarizing design of the Cybertruck will help boost the Tesla (NASDAQ:TSLA) brand, the electric vehicle maker’s chief designer said on Thursday, adding that the pickup was no experiment. “Love it or hate it, it’s a conversation starter, and it gets people talking about the brand,” Tesla Chief Designer Franz von Holzhausen said at […]
Boeing (NYSE:BA)’s first direct delivery of a 787 Dreamliner to China since 2019 is set to land in Shanghai on Friday, a step that could hasten the end of China’s freeze on deliveries of the firm’s profitable 737 MAX after more than four years. Privately owned Chinese carrier Juneyao Airlines on Thursday took delivery of […]
