The new member of BRICS, Iran is urging the alliance to create a new “joint currency” that can be used by member nations to settle cross-border transactions and put an end to the US dollar usage on the global scale. Iran is calling for a joint BRICS currency that can be used as payments for global trade within the 10-member alliance. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.
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Mahdi Safari, Iran’s Deputy Foreign Minister revealed that the country is keen on the formation of a new joint BRICS currency. The Minister added that Tehran will initiate the process if all members agree to the idea of a joint BRICS currency.
A ‘Joint BRICS Currency’ Now On The Cards
BRICS members China and Russia were advancing to dethrone the US dollar with a new currency. However, Iran is now catching up with both nations puppeteering similar ideas of a world equipped with de-dollarization ideals. “We are interested in creating a unified currency in the BRICS group, and this could be very effective,” said Safari.
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“By using national currencies, the process of eliminating the use of the dollar in commercial exchanges begins.” The Minister added, “And we are interested in continuing this process,” he said to Sputnik.
The statement indicates that Iran will push calls for a joint BRICS currency in the coming months. The country aims to continue with the process until the majority of the members agree to the idea. Iran and Russia’s economies have been impacted in recent years as the US pressed sanctions for sponsoring war and terrorism.
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Therefore, Iran and Russia want to break free from the shackles of US sanctions by reducing the dollar’s hegemony. We will have to wait and watch for further developments if other BRICS nations agree to Iran’s ideas. In conclusion, the idea of a new joint BRICS currency for usage among the 10-member group is on the table.