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Will probably be primarily based on a foreign money basket of the five-nation bloc, in accordance with the Russian president
President Vladimir Putin mentioned on Wednesday that the BRICS nations – Brazil, Russia, India, China, and South Africa – are at the moment engaged on organising a brand new international reserve foreign money.
“The problem of making a global reserve foreign money primarily based on a basket of currencies of our nations is being labored out,” he mentioned on the BRICS enterprise discussion board.
In accordance with the Russian president, the member states are additionally creating dependable various mechanisms for worldwide funds.
Earlier, the group mentioned it was engaged on organising a joint cost community to chop reliance on the Western monetary system. The BRICS nations have been additionally boosting the usage of native currencies in mutual commerce.
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