Joint website of the Ministries of Foreign Affairs of the BRICS member States
Brazil
Luis Inacio Lula da Silva
The President of Brazil
Russia
Vladimir Putin
President of the Russian Federation
India
Narendra Modi
Prime Minister of India
Сhina
Xi Jinping
President of the People's Republic of China
South Africa
Cyril Ramaphosa
The President of South Africa
Egypt
Abdel Fattah el-Sisi
President of Egypt
Ethiopia
Abiy Ahmed Ali
Prime Minister of the Federal Democratic Republic of Ethiopia
Iran
Massoud Pezeshkian
The President of Iran
UAE
Mohammed bin Zayed Al-Nahyan
President of the UAE
Indonesia
Prabowo Subianto
President of Indonesia
BRICS: Important Announcement About the New Currency of the Union
BRICS is actively seeking to establish a new currency on the world stage, aiming to challenge the dominance of the US dollar
Thursday, May 23, 2024

BRICS is actively seeking to establish a new currency on the world stage, aiming to challenge the dominance of the US dollar.

This initiative comes amid concerns about the impact of US sanctions on countries such as Russia and other emerging economies.

With the looming economic fallout looming, many nations in Asia, Africa and Latin America are considering reducing their reliance on the US dollar.

South African Ambassador to China Siyabonga Cyprian Kwele admitted in interview the progress made towards a common BRICS currency.

He highlighted the alliance's efforts to promote the use of local currencies among member states in order to mitigate the risks associated with excessive dependence on the US dollar.

Before the official introduction of the BRICS currency, member countries actively promoted trade in local currencies.

Ambassador Kwele revealed plans for a meeting between Finance Ministers in May to further discuss this currency initiative.

The upcoming BRICS summit, scheduled for October 2024 in Russia's Kazan region, promises to reveal more details about this currency venture.

It should be noted that nine member countries will participate in the summit, marking the expansion of the alliance.

Cryptodnes

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