Russia: BRICS worldwide reserve currency needs extra transac...| MENAFN.COM

Friday, 12 August 2022 09:38 GMT

Russia: BRICS worldwide reserve currency needs extra transactions in national currencies

(MENAFN) A new international reserve currency according to the BRICS currency basket is in need for extra transactions in national currencies, as proposed by Russia’s Ministry of Economic Development on Monday.

The dependence on the US dollar and euro must be lessened, in agreement with business newspaper RBC cited a ministry official.

To start a new reserve currency, it is essential to create a mutual economic architecture, “increase the share of settlements in national currencies, reach a certain level of de-dollarization, something that is happening already in the BRICS countries,” Nikita Kondratyev, of the Department of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development, updated RBC.

At a BRICS conference in earlier June, Russian Leader Vladimir Putin announced that the alliance, containing of Brazil, Russia, India, China, and South Africa, is now working on creating a new worldwide reserve currency that would be based on the currency basket of the five countries.


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