In the future, it will be possible to create a single BRICS currency, announced Dmitry Birichevsky, director of the Department of Economic Cooperation of the Russian Ministry of Foreign Affairs.
The BRICS group unites Russia, Brazil, China, India and South Africa, but will expand to more countries from January 1, 2024. At the recent summit, Vladimir Putin announced the dedollarization of the world economy. According to him, there will eventually be a farewell to the dollar as the world’s main trading currency.
“The objective, irreversible process of dedollarization of our economic ties is gaining momentum and efforts are being made to develop effective mechanisms for reciprocal arrangements and monetary and financial control,” he assured.
monetary union?
This topic was raised in an interview with TV BRICS by Dmitry Birichevsky, director of the Department of Economic Cooperation of the Russian Ministry of Foreign Affairs. As he emphasized, the road to the common currency is still very long.
– The single currency is something that may appear in the future, but the road to it is neither fast nor easy. I’m sure we’ll get there one way or another because you can’t be tied to one thing, you have to keep diversifying,” he told TV BRICS.
At the same time, however, Birichevsky did not specify whether in the future the BRICS will create its own new currency, similar to the euro, or adopt one of the existing currencies – the yuan, the ruble or the rupee.
BRICS is expanding with new countries
The BRICS countries invited Saudi Arabia, Iran, Egypt, Argentina, Ethiopia and the United Arab Emirates. The new countries are one of the largest oil exporters in the world. According to experts, the expansion of the BRICS demonstrates the willingness of member states to expand their global influence.
BRICS is a union of five countries: Brazil, Russia, India, the People’s Republic of China and South Africa. Argentina, Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia will join on January 1, 2024, bringing the number of members to eleven.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
