BRICS developing global reserve currency – Putin

It will be based on a currency basket of the five-nation bloc, according to the Russian president

By RT

June 22, 2022: Information Clearing House  “RT  – President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of Information Clearing House.

http://www.informationclearinghouse.info/57085.htm

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