BRICS NEARS AGREEMENT ON JOINT CURRENCY, AWAITS CHINA AND INDIA’S ENDORSEMENT, SAYS EX-RUSSIAN MINISTER

BRICS NEARS AGREEMENT ON JOINT CURRENCY, AWAITS CHINA AND INDIA’S ENDORSEMENT, SAYS EX-RUSSIAN MINISTER

Damilola Lawrence

BRICS alliance is close to launching a joint currency, with technical preparations complete and awaiting political approval, especially from China and India.

Russia, set to lead BRICS next year, plans to convene an international conference to finalize the introduction of the new currency, which is designed to be stable and more attractive than major global currencies due to its backing by a dual-basket system.

The creation of a new international currency within the BRICS alliance is approaching fruition, with only the final nod from all member states pending. Sergey Glazyev, the former Russian minister, disclosed during an interview with TV BRICS that the development phase of the proposed currency is nearly complete. It now hinges on the collective political will of the BRICS nations, especially from India and China. Currently, the proposed currency has garnered support from three member countries, revealed Glazyev.

Russia, taking the helm next year, could potentially steer the remaining BRICS nations towards agreement. Plans to organize an international conference to finalize the introduction of the currency are already on the horizon. This move underlines Russia’s commitment to consolidating support for the new currency.

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