(Kitco News) - As the 15th BRICS summit gets underway in Johannesburg, South Africa today, the prospect of a common currency continues to generate interest both inside and outside the bloc, even as key voices attempt to redirect the conversation towards trade and bond issuances in local currencies.
- As the 15th BRICS summit gets underway in Johannesburg, South Africa today, the prospect of a common currency for the bloc continues to generate interest both inside and outside the bloc, even as key voices attempt to redirect the conversation towards trade and bond issuances in local currencies.
But other BRICS members are resisting the common currency narrative. On Monday, Indian Foreign Secretary Vinay Mohan Kwatra delivered a special briefing to the media in which he downplayed the prospect of the BRICS countries developing a common currency to rival the U.S. dollar. The ambassador added, however, that the bloc's member countries will continue to move away from the U.S. dollar, and that Western sanctions against Russia imposed after the Ukraine invasion are accelerating the transition.
"It is in this direction that the initiatives that have been voiced recently ... about the need to think about creating our own currencies within the framework of BRICS.”The BRICS’ answer to the IMF and the World Bank, the New Development Bank , is currently led by former Brazilian president Dilma Rousseff, who came from the same party as Lula and is believed to share his vision of economics and the global order.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BRICS Expansions Wins Backing From South Africa’s RamaphosaSouth African President Cyril Ramaphosa expressed support for an expansion of the BRICS group of emerging market powers, which will gather for its annual summit in Johannesburg this week.
Read more »
The Emerging Market Bloc That Wants to Shake Up the World OrderDozens of nations have lined up to become members of BRICS.
Read more »
Russia, China look to advance agendas at BRICS summit of developing countries in South AfricaJOHANNESBURG (AP) — Russia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week, when an expected joint dose of anti-West grumbling from them may take on a sharper edge with a formal move to bring Saudi Arabia closer. Leaders from the BRICS economic bloc of Brazil, Russia, India, China and South Africa will hold three days of meetings in Johannesburg's financial district of Sandton, with Chinese premier Xi Jinping's attendan
Read more »
BRICS Expansion Gets Interesting If Saudis Join, Jim O’Neill SaysAdding countries to the BRICS bloc will matter economically if Saudi Arabia is one of them but otherwise it’s hard to see the point, said Jim O’Neill, a prominent economist and veteran of Goldman Sachs Group Inc.
Read more »
Russia, China look to advance agendas at BRICS summit of developing countries in South AfricaRussia and China will look to gain more political and economic ground in the developing world at a summit in South Africa this week, when an expected joint dose of anti-West grumbling from them may take on a sharper edge with a formal move to bring Saudi Arabia closer.
Read more »
India has positive intent, open mind on BRICS expansion, foreign secretary saysBy Krishn Kaushik NEW DELHI (Reuters) - India has
Read more »