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Lavrov: BRICS Working to Boost Payments in National Currencies as Dollar Unreliable

Lavrov: BRICS Working to Boost Payments in National Currencies as Dollar Unreliable

BRICS countries are actively working on increasing payments in national currencies in mutual trade and financial operations due to the unreliability of the dollar

2023-01-24T12:56+0000

2023-01-24T12:56+0000

2023-01-24T12:56+0000

economy

brics

reserve currency

us dollar

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In June, Russian President Vladimir Putin told the BRICS Business Forum that the five major emerging economies within the group (Russia, China, Brazil, India and South Africa) should establish an international reserve system based on the basket of BRICS currencies. Although it may take years for the group to create the monetary system, the final result is likely to be an equilibrium between the competing Western dollar system and BRICS currency basket. BRICS is an informal association of the world’s major developing economies, which was formed in 2006 to enhance cooperation between these nations and adopt common approach to global economic challenges.

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brics, reserve currencies, us dollar, international reserve system

brics, reserve currencies, us dollar, international reserve system

MBABANE (Sputnik) – BRICS countries are actively working on increasing payments in national currencies in mutual trade and financial operations due to the unreliability of the dollar, Russian Foreign Minister Sergey Lavrov said on Tuesday.

“The share of national currencies in settlements between the BRICS countries is already rapidly growing. The BRICS countries have initiatives that address the need to work on the creation of their own currency. The reason is very simple: we cannot rely on mechanisms which are in the hands of those who can cheat at any time and refuse to fulfill their obligations,” Lavrov said following his talks with Eswatini Foreign Minister Thuli Dladla.

In June, Russian President Vladimir Putin told the BRICS Business Forum that the five major emerging economies within the group (Russia, China, Brazil, India and South Africa) should establish an international reserve system based on the basket of BRICS currencies. Although it may take years for the group to create the monetary system, the final result is likely to be an equilibrium between the competing Western dollar system and BRICS currency basket.

BRICS is an informal association of the world’s major developing economies, which was formed in 2006 to enhance cooperation between these nations and adopt common approach to global economic challenges.

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