BRICS: Important Announcement about the New Currency of the Union

BRICS, 3 Jun 2024

BRICS Portal - TRANSCEND Media Service

From BRICS Portal

23 May 2024 – BRICS is actively seeking to establish a new currency on the world stage, aiming to challenge the dominance of the US dollar.

This initiative comes amid concerns about the impact of US sanctions on countries such as Russia and other emerging economies.

With the looming economic fallout looming, many nations in Asia, Africa and Latin America are considering reducing their reliance on the US dollar.

South African Ambassador to China Siyabonga Cyprian Kwele admitted in interview the progress made towards a common BRICS currency.

He highlighted the alliance’s efforts to promote the use of local currencies among member states in order to mitigate the risks associated with excessive dependence on the US dollar.

Before the official introduction of the BRICS currency, member countries actively promoted trade in local currencies.

Ambassador Kwele revealed plans for a meeting between Finance Ministers in May to further discuss this currency initiative.

The upcoming BRICS summit, scheduled for October 2024 in Russia’s Kazan region, promises to reveal more details about this currency venture.

It should be noted that nine member countries will participate in the summit, marking the expansion of the alliance.


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