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BRICS bloc prioritizes expanding use of national currency before introducing common currency

National currency usage in SCO unstoppable, says Russia's Foreign Minister

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TL;DR

  • BRICS experts are making efforts to deepen ties between member states’ economies and financial markets, with a long-term goal of creating a common currency.
  • The focus now is on expanding the use of BRICS national currencies in mutual trade to establish a foundation for the single currency.

BRICS experts are making efforts to deepen ties between member states’ economies and financial markets, with a long-term goal of creating a common currency, according to South Africa’s ambassador to the organization, Anil Sooklal. Currently, the focus is on expanding the use of BRICS national currencies in mutual trade to establish a foundation for the single currency.

National currencies to play a greater role in trade and investment

In an interview with the Tass news agency, Sooklal explained that the BRICS nations are working on increasing the use of their national currencies not only in trade but also in investments and other transactions. This step is seen as a prerequisite for creating a single BRICS currency. Different scenarios related to trade and currencies are currently being evaluated.

BRICS expansion and common currency discussions in upcoming meetings

BRICS officials from Brazil, Russia, India, China, and South Africa are scheduled to meet in Cape Town in early June, with enlargement being a key focus, as 19 other countries have expressed interest in joining the organization. Additionally, the idea of issuing a common BRICS currency will be discussed at the BRICS leaders’ summit in August.

This move, intended to increase the influence of its current members and bypass Western sanctions, has raised concerns in the United States about the potential undermining of the U.S. dollar’s dominant role globally.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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