Conflicting details about BRICS discussing the formation of a new currency are reported a month before the summit. South Africa’s BRICS ambassador Anil Sooklal was the first to indicate that BRICS could launch a new currency in August.
The Ambassador later backtracked on his statements saying that BRICS currency is not on the agenda in the next summit. However, Russia’s Deputy Prime Minister Alexei Overchuk said in the latest interview that BRICS could discuss launching a new currency in August.
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BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The summit will be held in Johannesburg on August 22 to 24. The leaders of all nations will attend the summit, except Russian President Vladimir Putin will be virtually present. Putin faces arrest if he steps foot in South Africa for war crimes against Ukraine
BRICS Could Discuss Formation of New Currency At Next Summit, Says Russian Deputy Prime Minister
Overchuk hinted that the BRICS alliance could indeed discuss the formation of a new currency in the August summit. He revealed that BRICS could create a basket of currencies to challenge the U.S. dollar.
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The Deputy Prime Minister said that the bloc could also touch upon the subject of creating a payment settlement system.
“The BRICS leaders will hold a meeting soon where they may touch upon the settlement system issue. Perhaps, the idea of creating a basket of currencies based on a certain payment unit will also be discussed,” he said to the Russian news outlet Tass.
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However, Overchuk acknowledged that launching a new currency in the international markets is complex, and needs a lot of work. “It’s a very difficult issue,” he said, and concluded by saying, “Perhaps the leaders will decide to task the relevant expert bodies with looking into the matter”.