Published March 19, 2024
BRICS is exploring the possibility of creating a new currency for world markets to facilitate international trade between member countries.
The alliance seeks to reduce dependence on the US dollar and increase the importance of the upcoming currency. Amid concerns about the risks associated with holding the U.S. dollar in reserve, the nine-nation bloc has sought to support its home currencies.
Amid concerns stemming from an unmanageable debt of $34.4 trillion, developing countries are turning to hoarding gold as an alternative to cushion the impact on their economies. In particular, the BRICS countries, which are major buyers of gold, have accumulated significant amounts of the precious metal, as reported by the World Gold Council.
Mauricio Lirio, the Brazilian Sherpa, presentinformation on the development of the BRICS currency, confirming the ongoing efforts to create a common currency, the discussion of which is planned for the upcoming summit. Lirio emphasized the alliance’s commitment to making progress on the common currency and payment infrastructure under the Russian presidency.
“We are actively pursuing the creation of a new currency,” noted Lirio. He further developed his thesis: “Discussions between the member countries are conducted under the Russian presidency, and this remains the central point of the discussions.”
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SOURCE: www.cryptodnes.bg
RELATED: Saudi Arabia Gives Update on Joining BRICS Alliance
Published March 19, 2024
During the 2023 annual summit, the BRICS bloc invited six countries to join its collective. Of those, five had responded with intentions of being the first expansion nations for the bloc since 2001. However, since the start of the year, uncertainty has abounded over Saudi Arabia’s status regarding joining the BRICS alliance.
In January, the rest of the expansion nations joined the BRICS grouping. However, as much as a month later Saudi Arabia said it was still weighing its options regarding admission into the alliance.
Now recent reports have noted the country has finally provided some kind of update regarding its status in the bloc. Specifically, Saudi Arabia and 2024 BRICS Chairman Russia held a telephone meeting earlier this week.
