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BRICS Bank Could Issue Digital Currency for the Economic Bloc, Analyst Says
21.8.2023
A Trace Finance analyst has suggested that the BRICS nations could launch a single digital currency issued and regulated by the New Development Bank, also known as the BRICS Bank. He stressed that the U.S. is facing the biggest crisis in history. Many expect a common BRICS currency that would...
BRICS Expansion Will Speed Up De-Dollarization, Chinese Expert Says
20.8.2023
As more countries join the BRICS economic bloc, there will be a significant increase in settlements using national currencies, leading to an acceleration in the de-dollarization process, a Chinese expert says. “For most developing countries, development is a top priority. That is why the BRICS...
Economist Lord Jim O’Neill Calls BRICS Currency Idea ‘Ridiculous’ — Says China and India Never Agree on Anything
20.8.2023
Lord Jim O’Neill, the British economist credited with coining the acronym BRIC, calls the creation of a common BRICS currency “ridiculous,” emphasizing that the BRICS nations have “never achieved anything since they first started meeting.” He added: “It’s a good job for the West that...
Russia Says BRICS Currency Unlikely in Near Future but De-Dollarization Grows Globally
4.8.2023
Russia says that a common BRICS currency is unlikely to be feasible in the near future but the process of de-dollarization of the global economy is inexorably underway. Russian Press Secretary Dmitry Peskov added that many countries, including those that do not face sanctions, are gravitating...
Russian Official Says BRICS Currency Could Be Discussed at Upcoming Summit
30.7.2023
Russia’s deputy prime minister has stated that the topic of a common BRICS currency may still be on the table at the economic bloc’s upcoming leaders’ summit. A total of 69 leaders, including all African heads of state, have already been invited to the August summit where de-dollarization...
Economist Analyzes Challenges of BRICS Currency Competing With US Dollar
26.7.2023
An economist has shared her analysis of how a common BRICS currency could compete with the U.S. dollar. “You need foreign exchange reserves and you need the trust of the investment community,” she explained, noting that the only country in the BRICS economic bloc to carry such a reserve...
IMF Has Not Seen Specific Proposal on BRICS Currency
16.7.2023
The International Monetary Fund (IMF) has not seen any specific proposal on a common BRICS currency. However, the IMF acknowledges the presence of “slow-moving trends” indicating shifts in the currency composition of reserves and trade. The Fund’s statement followed reports that...
Russia’s Central Bank: BRICS Currency Requires Consent of Many Parties, Faces Implementation Challenges
12.7.2023
The governor of Russia’s central bank says the creation of a common BRICS currency “requires the consent of many parties.” While emphasizing that the proposed BRICS currency “deserves attention,” the Russian central bank chief cautioned that this project is challenging and “will...
India’s External Affairs Minister Shuns BRICS Currency Talks, Prioritizes Rupee’s Strength Instead
11.7.2023
Members of the BRICS alliance are meeting at a summit in Johannesburg, South Africa, in August, focusing attention on the potential for the BRICS bloc to create a gold-backed reserve currency. However, Subrahmanyam Jaishankar, India’s external affairs minister, said India isn’t...
BRICS Gold-Backed Currency Will Benefit Iran, Weaken US Dollar, Iranian Official Says
10.7.2023
An Iranian official has stated that Iran stands to benefit from a gold-backed common BRICS currency. The official further asserted that such a BRICS currency would erode the U.S. dollar’s dominance and result in increased wealth for Iranians holding gold. “A tremendous change is taking place...
Treasury Secretary Yellen: BRICS Currency Won’t Threaten US Dollar Dominance
10.7.2023
U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international...
BRICS Bank Official Discusses Common Currency as Reports of Gold-Backed BRICS Currency Gain Attention
9.7.2023
The BRICS Bank’s vice president and chief financial officer has shed light on the economic bloc’s aspiration to develop a common BRICS currency. His remarks followed recent reports suggesting that Russia has confirmed the BRICS’ plan to introduce a gold-backed common currency, with...
Economist Discusses BRICS Currency’s Prospect of Becoming Global Currency
7.6.2023
Economist Alexis Habiyaremye from the University of Johannesburg says that a proposed common BRICS currency, if used effectively and systematically for all trade transactions between BRICS nations, would “alleviate the burden on these countries to finance” the “disproportionate advantage that...
BRICS Currency Will Erode US Dollar’s Dominance, Former White House Economist Warns
27.4.2023
Former White House economist Joseph Sullivan has warned that a BRICS currency would erode the U.S. dollar’s dominance. If member nations use only a common BRICS currency for international trade, “they would remove an impediment that now thwarts their efforts to escape dollar hegemony,”...