Rising Interest in BRICS Currency: De-Dollarization Trend Gains Momentum
Russia has stated that a common BRICS currency is unlikely in the near future, but the process of de-dollarization in the global economy is already underway.
Ahead of the BRICS leaders’ summit, discussions about the feasibility of a shared currency have emerged. The Russian Press Secretary, Dmitry Peskov, emphasized that the discussion about a common currency is ongoing, while highlighting the global growth of using national currencies in trade settlements, encompassing countries facing sanctions and those not facing them.
The summit will take place in Johannesburg from Aug. 22-24. While some speculate on the launch of a gold-backed currency, hurdles remain, with Russia’s central bank governor noting that it would require the consent of multiple parties. The BRICS alliance has received expressions of interest from more than 40 nations, and 22 countries have already submitted applications, while the summit has not extended invitations to Western countries.
Clever Robot News Desk 5th August 2023
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