1 / 1 Relevant items tagged with #BRICSCommonCurrency

Posts

BRICS Meeting: Iran Pushes for Common Currency — China, Russia Prioritize Settlements in Local Currencies

[Jan 30 10:30 PM] The first BRICS sherpa meeting with 10 member states has kicked off in Russia with representatives from Brazil, Russia, India, China, South Africa, Saudi Arabia, the United Arab Emirates, Iran, Egypt, and Ethiopia. China, Russia, and Iran are all…

South African Official: Common Currency Requires Central Bank, Threatens Monetary Policy Independence

[Aug 25, 2023 8:30 PM] South Africa’s minister of finance has explained why he believes that no country is ready for a common currency, including a unified BRICS currency. “Setting up a common currency presupposes setting up a central bank, and that presupposes losing…

BRICS Not Focusing on Creating Common Currency, Indian Official Says

[Aug 21, 2023 10:00 PM] A top Indian official has downplayed the creation of a shared BRICS currency. Emphasizing that “common currency discussions have several prerequisites before you can even talk about a common currency framework,” the official stressed that the BRICS…

Over 40 Heads of State Will Attend BRICS Summit, South Africa Confirms

[Aug 21, 2023 8:00 PM] South Africa, the host of the BRICS summit this year, has confirmed that more than 40 heads of state will participate in the summit that will take place on Aug. 22-24. South Africa has also claimed that 23 countries have formally applied for BRICS…

Volatility in Chinese Yuan, Russian Ruble Makes De-Dollarization Harder, Market Analyst Says

[Aug 20, 2023 8:30 PM] A market analyst says that the recent decline and volatility in the Chinese yuan, the Russian ruble, and to a lesser extent the Argentine peso, “will only add further challenges to the idea of de-dollarization.” He stressed that countries are…

Economist Lord Jim O’Neill Calls BRICS Currency Idea ‘Ridiculous’ — Says China and India Never Agree on Anything

[Aug 19, 2023 6:30 PM] Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, calls the creation of a common BRICS currency “ridiculous,” emphasizing that the BRICS nations have “never achieved anything since they first started meeting.” H

BRICS Currency Not on Agenda for Leaders’ Summit — Nations to Focus on De-Dollarization

[Jul 22, 2023 7:30 PM] The heavily anticipated BRICS currency is not on the agenda to be discussed at the economic bloc’s upcoming leaders’ summit, according to South Africa’s diplomat in charge of BRICS relations. He clarified that the BRICS members will focus on…

BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention

[Jul 8, 2023 8:00 PM] The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to…

Economist Jim Rickards Predicts Unveiling of New BRICS Currency — Says ‘the World Is Unprepared for This Geopolitical Shock Wave’

[Jun 11, 2023 8:00 AM] Jim Rickards, an economist and the author of “Currency Wars,” has predicted the unveiling of a new BRICS currency, stating that it “could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading…

Economist Discusses BRICS Currency’s Prospect of Becoming Global Currency

[Jun 6, 2023 8:30 PM] Economist Alexis Habiyaremye from the University of Johannesburg says that a proposed common BRICS currency, if used effectively and systematically for all trade transactions between BRICS nations, would “alleviate the burden on these countries to…

BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’

[May 30, 2023 9:30 PM] The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s…

Brazil’s President Lula Voices Support for BRICS Currency

[Apr 26, 2023 9:30 PM] Brazil’s president, Luiz Inacio Lula da Silva, has expressed support for the creation of a BRICS currency. His statement of support comes as the BRICS bloc is gaining global influence, with 19 countries seeking to join the group. Brazilian…

BRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report

[Apr 1, 2023 7:30 PM] The BRICS nations are reportedly working on developing a new form of currency, which is expected to be discussed at the next BRICS leaders’ summit, according to a top Russian official. “The transition to settlements in national…