BRICS to Introduce New Common Currency

BRICS is developing a new global currency to challenge the dominance of the US dollar. Their goal is to replace the dollar as the world’s reserve currency. This initiative gained momentum after the White House imposed sanctions on Russia and other developing nations, sparking a competition in the financial sector.

Countries worldwide fear economic repercussions from sanctions and seek to reduce reliance on the US dollar. Moreover, some nations in Asia, Africa, and Latin America contemplate severing ties with the dollar.

South African Ambassador to China, Siyabonga Cyprian Cwele, confirmed to Global Times that the BRICS currency is advancing. He also stated, “The BRICS are making progress with their common currency,” and emphasized the alliance’s efforts to promote the use of member states’ local currencies, reducing reliance on the US dollar.

Prior to introducing the new BRICS currency, the bloc advocates for its members’ local currencies to counter the US dollar’s influence. The Ambassador also disclosed that a task force of member states, convened by financial ministers, will convene in May to address the currency issue.

Cwele emphasized increased trading of local currencies among member nations until the launch of the BRICS currency.

Finally, the 16th BRICS summit is set for October 2024 in Russia‘s Kazan region, with nine member countries participating for the first time following the expansion.

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