BRICS looks towards a new era of de-dollarization, former Russian Prime Minister points out major problems, affirms 'still too early'

Recently, former Russian Prime Minister Sergey Stepashin commented that it is still too early to talk about a common currency of the Group of leading emerging economies in the world (BRICS).

Several BRICS members have expressed support for the creation of a common currency and the promotion of the use of national currencies in payments. (Source: SAN.com)

Pointing out the challenges of establishing a common currency for BRICS countries, Sergey Stepashin said: “It is difficult to imagine that India and China will have a common currency. These are very big countries, big economies. The first step should be settlements in national currencies. It is necessary to ensure the smooth functioning of the Eurasian Bank and the New Development Bank (NDB) as well as the implementation of transactions there.”

He also said that strengthening financial cooperation through the use of national currencies would help BRICS members better prepare for establishing a common currency in the future.

* In contrast to Mr. Stepashin's cautious views, some BRICS members have expressed support for creating a common currency and promoting the use of national currencies in payments.

For example, Iran has voiced support for Russia in developing a common currency for the BRICS bloc.

China and Russia are also pushing for the use of local currencies in intra-group transactions, with recent talks between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin focusing on strengthening financial and monetary cooperation.

BRICS is moving towards a new era of de-dollarization of the global economy by establishing a common currency and new payment system.

The BRICS common currency and the BRICS payment system to replace SWIFT are likely to be introduced at the BRICS summit in October in Kazan, Russia, according to Modern Diplomacy .

Source: https://baoquocte.vn/brics-huong-toi-ky-nguyen-moi-ve-phi-usd-hoa-cuu-thu-tuong-nga-chi-ro-van-de-lon-khang-dinh-van-con-qua-som-284631.html