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BRICS holds talks on reserve currency – diplomat

BRICS reserve currency news

The group is reportedly set to develop alternative payment mechanisms to shift away from the US dollar and euro.

The BRICS countries are working on establishing a new reserve currency to better serve their economic interests, ambassador at large of Russia’s Foreign Ministry Pavel Knyazev said this week. It will be based on a basket of the currencies of the five-nation bloc.

“The possibility and prospects of setting up a common single currency based on a basket of currencies of the BRICS countries is being discussed,” Knyazev said during a discussion about expanding BRICS and the Shanghai Cooperation Organization.

According to the diplomat, member states are “actively studying mechanisms” to exchange financial information to develop a reliable alternative for international payments.

In an effort to reduce reliance on the dollar and euro, BRICS is set to build a joint financial infrastructure that will enable a reserve currency to be created. The group, which comprises Brazil, Russia India, China, and South Africa, has been boosting economic ties, with trade turnover steadily growing despite restrictions brought on by the pandemic and conflict in Ukraine.

BRICS had previously said it was working on establishing a joint payment network to cut reliance on the Western financial system. The member countries have also been increasing the use of local currencies in mutual trade.

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Source:RT News

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15 COMMENTS

  1. The best option is to tie the BRICS reserve currency to Yuan and see how it goes. They can always change the basket of currency later on.

    • It will be a basket of the BRICS+ countries’ currencies, backed by their gold reserves.
      BTW: NZ is one of very few countries , which does NOT HAVE ANY gold reserves. Wonder why that is? Can’t be that THEY are too stupid.
      Or maybe THEY are?

      • An American company bought the only gold mine in NZ…
        NZ has PLENTY of gold reserves still in the ground that modern technology can extract with minimal damage to the land or sub-surface. BUT
        You won’t see any gold produced here, as gold is real money, and real money allows one to break free from the Zionist yoke of usary, debt slavery, and secure financial wealth for one’s self.
        Only the Zio-Bolshevik Talmudic types are allowed such wealth.
        They even manipulate the gold market EXCEPT for the case of the BRIC Nations that have now backed their currencies with gold, silver, platinum, opals and diamonds.
        Gold ingots in the U.S. have been found to be only tungsten bars with only a gold layer on the outer portion of the bar.
        Gold bars from Illegal gold mining have fake serial numbers and authenication certificates…

  2. They won’t have to wait long, 37 trillion loss to the stock exchange so far this year, 2007 saw only 23trillion loss, and its not over and no one is talking about it. The end is neigh, be prepared.

    • Stock valuation, as well as most asset price valuation, are all farce. GDP no longer measures productivity increases or decreases well at all. Most traders in the stock market just use sentiments and short term data to speculate while big operators like JP Morgan use pension funds and Fed borrowed money to speculate and over-inflate asset prices. Instability is called volatality and risk taking is highly rewarded by design. So the club of 300 can create booms and busts and keep us poor with the fiat dollars.

  3. The future lies with the BRICS countries, not with the faltering West. But unfortunately I can’t see NZ making the switch any time soon.

    • True…let alone backing the Kiwi dollar with gold, silver, platinum, diamonds, opals and rubies…

  4. ALL of which will be backed by gold!
    THIS is why the Vatican Bank recalled it’s smaller accounts outside of it’s control, thus removing their secondary bank accounts from the Zio-Communists who will Force Majeur and take everything in their banks.
    This is why Vatican ‘currencies’ will be amassed inside the Vatican Bank, and will then be backed by Vatican Gold as witnessed by the late Jesuit Priest and Vatican Defector *Alberto Rivero.(*who reported that if one were to stack ALL of the world’s gold reserves into one pile, the Vatican has 10X’s that amount ready to back a new cooperative currency).
    This could be the foundational basis for the BRICS Nations, Russia and China when the Stocks and Commodities markets tank!
    Russia also has gold backing of the Ruble, as does the Chinese Renembi.
    When the BRICS, Russian and Chinese gold-backed currencies merge into a co-op NON- NWO / Zio-Communist-controlled economy, that will then be the end of the Petrodollar.
    THAT is when Force Majeurs will be declared in the West, with the Government via the Banks in those nations seizing and forfeiting personal property to pay for the deficits and Nation-based bankruptcies.
    As Zio-Communist Nazi Klaus Schwab has said, in conjunction with George Soros (aka J3wi$h name Georg Schwartz) “You will own nothing, and be happy!”
    Kinda reminds one of ‘Arbeit Maccht Frei’!…

  5. After all the fanfare
    BRICS is DOA
    China- broke
    SA – broke
    Russia – broke
    Brazil riddled with corruption
    India on the fence

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