BRICS Summit Considers Common Unit of Account to Counter US Dollar

BRICS countries are currently deliberating the potential introduction of a unified unit of account, as revealed by Russia’s Finance Minister Anton Siluanov.

This proposed unit, distinct from a singular currency akin to the Euro, would serve as an alternative to the US dollar for valuing certain commodities. Siluanov emphasized that the primary focus in trade development lies in settling transactions using national currencies. During the BRICS summit, leaders from Brazil, Russia, India, China, and South Africa are addressing this concept, alongside discussions about enhancing trade relations and adopting unified settlement systems. While deliberations regarding a single currency have been ongoing, the emphasis remains on bolstering national currencies and diversifying trade practices within the group.

Clever Robot News Desk 26^th August 2023