BRICS is working on the creation of a new form of currency

The BRICS countries are working on creating a new form of currency and may present ideas on its development at the forthcoming summit of the organization in South Africa. This was announced by Deputy Chairman of the Russian State Duma Alexander Babakov on Thursday, 30 March.

"The transition to settlements in national currencies is the first step. The next one is to ensure the circulation of digital or any other form of fundamentally new currency in the near future. I think the BRICS leaders' summit will announce the readiness to implement this project, such work is underway," said Babakov on the margins of the Russian-Indian Strategic Forum on Partnership for Business Development and Growth.

He also did not rule out the possibility of a single currency in BRICS. Such a currency can be secured not only by gold, but also by other commodity groups, such as rare earth metals, the official added, as reported by Brasil 247, a partner of TV BRICS.

BRICS brings together the largest emerging economies in the world - Brazil, Russia, India, China and South Africa. Several other countries are planning to join the economic bloc, including Argentina, Iran, Indonesia, Turkey, Saudi Arabia and Egypt. The next BRICS summit will be held in August 2023 in South Africa.

BRICS countries have long been working on the formation of a new international currency. Anton Sviridenko, Executive Director of the Stolypin Institute for the Economy of Growth in Moscow, said in an exclusive comment for TV BRICS that the main goal of creating a single currency within BRICS is to facilitate trade, project financing for member countries and reducing dependence on the dollar and euro in international payments.

The main objective of creating its own currency within BRICS is to facilitate trade, finance projects of the union's member countries and reduce dependence on the dollar and the euro in international payments. This, for example, was mentioned by South African Foreign Minister Naledi Pandor in early January.

In the initial stages of implementation, the new currency could play the role of a unit of account for settlement in national currencies and conversion without the involvement of the dollar. In the long term, it could become a means of settlement and even acquire the status of a reserve currency not only for the BRICS countries, but also for other states.

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