15.4 C
Auckland
Friday, March 29, 2024

Popular Now

BRICS developing global reserve currency – Putin

BRICS reserve currency news

It will be based on a currency basket of the five-nation bloc, according to the Russian president.

President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

Promoted Content

Source:RT News

No login required to comment. Name, email and web site fields are optional. Please keep comments respectful, civil and constructive. Moderation times can vary from a few minutes to a few hours. Comments may also be scanned periodically by Artificial Intelligence to eliminate trolls and spam.

1 COMMENT

  1. Sooner the better. It may take a decade to replace the dollar-Euro hegemony in the international trade but it will happen.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Trending

Sport

Daily Life

Opinion

Wellington
few clouds
12.8 ° C
13.9 °
11 °
69 %
10.8kmh
20 %
Fri
13 °
Sat
14 °
Sun
15 °
Mon
16 °
Tue
16 °
-- Free Ads --spot_img