Brazilian President believes BRICS single currency to simplify mutual settlements between members of the group

During a meeting with Argentine President Alberto Fernandez, Brazilian President Luiz Inacio Lula da Silva referred to the need to create common currencies between the BRICS alliance and the Southern Common Market (Mercosur). According to the head of state, such a solution would make it possible to eliminate the use of the dollar in mutual settlements between the member countries of the alliances.

"If it were up to me, we would always trade with other countries in national currencies so that we are not dependent on the dollar. Why not try to create a common currency for the Mercosur countries or for the BRICS countries?" said the Brazilian leader.

Lula da Silva added that this could happen in the near future. The politician noted that national central banks could enter into appropriate agreements to create such currencies for use in intra-bloc trade.

According to the Brazilian president, the creation of common currencies for the BRICS and Mercosur countries would allow for a "qualitative leap" in mutual trade.

In September 2022, the Russian Foreign Ministry said that work was underway to create a single currency of the BRICS member states.

Lula da Silva flew to Buenos Aires, Argentina on Monday 23 January. He held talks with President Alberto Fernandez. The meeting discussed issues of bilateral interest, including financial and trade facilitation: Brazil and Argentina plan to launch work on a single currency.

The two sides confirmed the beginning of a new phase in bilateral relations following the signing of cooperation agreements, as reported by Xinhua News Agency, a partner of TV BRICS.

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