The 16th BRICS summit took place in the Kazan region of Russia this week with the participation of 40 countries in the event. The summit saw major changes with new policies, announcements, and trade deals taking place. The mock-up of a BRICS currency was gifted to Russian President Vladimir Putin indicating that the alliance is…
Former Goldman Sachs Chief Economist Jim O’Neill, who coined the abbreviation ‘BRICS’ in a Global Economic research paper in 2001, spoke about the upcoming common currency during an interview with Business Today. The 16th summit in Russia’s Kazan region ended on Thursday with several developments and announcements taking place at the gathering. Also Read: The…
A mock-up of the upcoming BRICS currency has finally been unveiled at the alliance’s ongoing summit in Kazan, Russia. Indeed, Russian president Vladimir Putin was seen with a mock-up up “BRICS bill” at the summit, the first time the new currency has been put on display. The BRICS bill in question features the five BRICS…
Russian President Vladimir Putin has emphasized the need for independent financial systems within BRICS, focusing on developing an alternative to Swift. He addressed the idea of a shared BRICS currency but urged caution, noting that it’s not yet fully developed. His remarks hinted at careful, deliberate moves, with broader financial strategies still unfolding. Russian President…
The development of BRICS Pay is part of broader de-dollarization efforts, with Russia and China leading initiatives to create financial independence from the U.S. dollar. As BRICS expands to include nations like Saudi Arabia, Egypt, and the UAE, BRICS Pay could play a key role in international projects. The BRICS alliance has unveiled the demo…
The BRICS currency, which is reported to be in development, is said to be backed by 40% gold and 60% local currencies. The currency is disclosed to be apolitical and would be outside the “circumference” of the SWIFT payment network. The much anticipated BRICS currency, which would be the principal driving force at the heart…
According to one expert, a BRICS currency that is backed by gold could be a key to eventually ditching the US dollar. Although a native currency has taken a back seat for the alliance, the massive surge in the value of the metal could have it playing a crucial role in global de-dollarization. In a…
The new BRICS member Iran recently confirmed that it is working closely with Russia to launch a new currency. Iranian Ambassador to Russia, Kazem Jalali, said that the Islamic Republic is participating in initiatives that can help both countries to end reliance on the US dollar. The diplomat noted that creating a single currency within…
Sergey Stepashin, Russia’s former prime minister, explained that it’s premature to discuss a common BRICS currency, emphasizing the importance of increasing payments in national currencies instead. He cited challenges in creating a common currency, particularly between large economies like India and China. While some BRICS members support a single currency, Stepashin advocates for enhancing financial…