Former Russian PM: BRICS Unprepared for Launch of Common Currency
Sergey Stepashin, former Russian Prime Minister, argues that it is too early to consider a common currency for BRICS, emphasizing the need to increase the use of national currencies for payments first.
He points out the challenges of creating a unified currency among large economies like India and China and suggests that enhancing financial cooperation through national currencies is a more practical initial step. While some BRICS members, including Iran, advocate for a single currency, Stepashin believes that strengthening the use of existing financial institutions and national currencies will better position BRICS for future discussions on a common currency.
Clever Robot News Desk 27th August 2024
