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BRICS Slashes US Dollar and Euro Transactions to Below 30%

[Oct 12, 2024 3:30 AM] BRICS nations are increasingly using national currencies, with 65% of transactions now conducted in local currencies, according to a Russian finance official. The U.S. dollar and euro account for less than 30% of payments among member states…

Russian Finance Minister: Western Policies Hurt the US Dollar

[Oct 11, 2024 9:30 PM] Russian Finance Minister Anton Siluanov believes that the policies of the US and its Western allies are affecting the role of the U.S. dollar as a reserve currency. Siluanov stated that while the U.S. dollar will remain popular, the BRICS bloc will…

BRICS More Attractive Than EU, Says Serbia’s Vulin

[Oct 10, 2024 2:30 AM] Serbia’s Deputy Prime Minister Aleksandar Vulin has championed BRICS as a compelling alternative to the European Union, emphasizing the economic bloc’s appeal for Serbia. He highlighted how BRICS does not impose political conditions…

BRICS Unified Currency Deemed Premature by Russian Official

[Oct 8, 2024 2:30 AM] Russia’s Deputy Foreign Minister has stated that discussions on a single currency for the BRICS economic bloc are premature due to differences in financial regulation among member nations. Instead, the focus remains on enhancing financial…

BRICS to Discuss Alternative Payment Platforms at Upcoming Summit

[Sep 24, 2024 12:30 AM] Russian Foreign Minister Sergey Lavrov announced that a report on alternative payment systems for BRICS nations will be presented at an upcoming summit in Kazan. The proposal, led by Brazilian President Lula da Silva, seeks to reduce reliance on…

UAE to Boost Global South Growth Through BRICS Membership

[Sep 5, 2024 8:30 AM] The United Arab Emirates (UAE) is committed to supporting the economic development of the Global South through its membership in the BRICS group, according to Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance. The UAE aims to foster…

Turkey Seeks to Join BRICS to Strengthen Global Influence

[Sep 3, 2024 10:30 PM] Turkey has reportedly formally requested to join the BRICS economic bloc to expand its global influence and establish new alliances beyond its traditional Western partners. Turkish President Recep Tayyip Erdogan’s administration views the…

Payments in National Currencies Surge to 92% Among SCO Members

[Sep 1, 2024 2:30 AM] Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which…

Former Russian PM: BRICS Not Ready for Common Currency

[Aug 27, 2024 3:30 AM] Sergey Stepashin, Russia’s former prime minister, explained that it’s premature to discuss a common BRICS currency, emphasizing the importance of increasing payments in national currencies instead. He cited challenges in creating a common…