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BRICS, SCO Align on Unified Payment System to Reduce Dollar Reliance
29.10.2024
The Shanghai Cooperation Organization (SCO) is advancing talks on a unified payment system to increase national currency use, aligning with BRICS efforts to counter Western economic dominance. A New Era? SCO’s Talks on Unified Payment System Revealed Shanghai Cooperation Organization (SCO)...
Former Russian PM: BRICS Not Ready for Common Currency
27.8.2024
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 currency, particularly between large economies like...
BRICS Bank to Offer More Loans in Local Currencies — President Calls for ‘Diversified Global Currency System’
31.5.2023
The New Development Bank (NDB), aka the BRICS bank, is seeking to offer more loans in local currencies to reduce dependence on the U.S. dollar and avoid foreign exchange risk. “We need to create a diversified global currency system,” NDB’s president stressed, adding: “In the future, it...
BRICS to Strengthen Economic Cooperation — Sherpa Calls for Increased Trade in National Currencies
18.5.2023
South Africa’s BRICS Sherpa says one of the priorities at the upcoming BRICS summit is “to strengthen economic cooperation.” He added: “We need a stable global financial architecture, a global financial arena. That is why we say that we need to trade in our own currencies.” He also believes that...
Sberbank Analyst’s Editorial Delves Into the ‘Tremendous Potential’ of a BRICS Reserve Currency Fueling De-Dollarization
7.1.2023
During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar dependence by purchasing the Chinese yuan...