Currencies:
RUB/USD 0,0114
0,0000
BRL/USD 0,1843
0,0000
INR/USD 0,1196
0,0000
CNY/USD 0,1369
0,0000
ZAR/USD 0,5569
0,0000
Weather:
Moscow 22 °C
Brazilia 21 °C
New Delhi 34 °C
Beijing 30 °C
Pretoria 21 °C
Cairo 40 °C
Tehran 34 °C
Abu Dhabi 42 °C
Menu
Broadcast «Personal trainer»
22 °C
Moscow
21 °C
Brazilia
21 °C
New Delhi
30 °C
Beijing
21 °C
Pretoria
40 °C
Cairo
34 °C
Tehran
42 °C
Abu Dhabi
RUB/USD
0,0114
0,0000
BRL/USD
0,1843
0,0000
INR/USD
0,1196
0,0000
CNY/USD
0,1369
0,0000
ZAR/USD
0,5569
0,0000
TV BRICS Apps
Home
News
Videos
Podcasts
Menu
13:15 «BRICSterview»
13:15 «BRICSterview»
Now 16+
13:15

«BRICSterview»

13:40 «Personal trainer»
Next
13:40

«Personal trainer»

16+
14:05

«City of stories»

16+
14:30

«The language of dance»

16+
Иконка с часами 14 minutes 2 sec.
Ambassador of Ethiopia to Russia Uriat Cham Ugala/ “Joining BRICS is a growth opportunity for Ethiopia”
Иконка с часами 20 minutes 11 sec.
Douw Vermaak/ «Relations between Russia and South Africa are getting stronger»
Иконка с часами 8 minutes 22 sec.
Anthony Phiri, Harare Institute of Technology/"The world needs to work together to reduce greenhouse gas emissions"
20.06.2411:45 Society
Largest media holding in Ugra joins cooperation with media of BRICS countries through TV BRICS International Media Network
19.06.2412:56 Society
TV BRICS begins co-operation with Vietnam
11.06.2416:45 Society
TV BRICS and Moscow to join forces to promote image of Russian capital as international centre of creative industries
Brazil BRICS
10.09.23 12:00
Culture

Use of local currencies to speed up trade and reduce costs in BRICS

This was stated by the Brazilian Foreign Minister⁠

The use of local currencies in trade relations between BRICS countries will accelerate trade and reduce international costs. This was stated by Brazilian Foreign Minister Mauro Vieira during the Bom Dia, Ministro programme.

Taking part in the programme, Mauro Vieira said that if countries are responsible with their national accounts, the use of local currencies in international trade relations can also help strengthen them. "But of course it will depend on the national accounts and the volume of trade," he emphasised.

To enable the use of national currencies in trade relations between the BRICS countries (a group comprising Brazil, Russia, India, China and South Africa), the economy ministers were asked to "explore mechanisms that could lead to settlements in national currencies in bilateral trade".

Thus, Brazil will be able to pay for its international trade transactions in reals. On the other hand, when exporting, other countries will be able to receive money in their national currencies. "This is a very important step because it speeds up trade - and above all reduces the costs of international transfers."

He recalled that an attempt to use national currencies for this type of trade had already been made by President Luiz Inacio Lula da Silva during previous presidential terms, as reported by Toda Palavra, a partner of TV BRICS.

"In his first two terms, President Lula pursued the same goal and the first agreement was signed around 2005 with Argentina. This agreement allows bilateral trade to be paid for in our national currencies. He continues this work, now promoting it within the BRICS framework," said the minister.

He reiterated that it is not about creating a new currency. "It's about settling trade, eliminating the costs of international transfers, banking costs. "This is certainly a very important initiative that will make trade faster and cheaper," he added, clarifying that "triangulation of currencies" increases costs for countries.

Photo: Toda Palavra
Short
and to the point
Once a week we will cover news in the BRICS countries
By clicking on the "Subscribe" button, you agree to the processing of personal data

MORE ON THE TOPIC

22.06.2409:05 Culture
Egyptian artefacts to be unveiled at exhibition in China
21.06.2410:30 Culture
Digital Museum of China returns to life of prehistoric animals
20.06.2416:45 Culture
Brazilian authorities to allocate R$1.6 billion to support the production of films and TV series
19.06.2417:12 Culture
The UAE to host Liwa Date Festival 
16.06.2412:56 Culture
China makes progress in preserving and promoting its cultural heritage
13.06.2416:16 Culture
Closing ceremony of 7th BRICS International Festival of Theatre Schools is held at Russia Exhibition and Forum
21.06.2415:35 Tourism
BRICS countries' tourism: revival after the pandemic
16.06.2408:30 Society
15 Years since the First BRICS Summit: History of Cooperation
12.06.2408:31 Society
Russia Day in 2024: history and significance
Short
and to the point
Once a week we will cover news in the BRICS countries
By clicking on the "Subscribe" button, you agree to the processing of personal data