India has ordered a cluster of finance analysts and think tanks to study the prospects of a new BRICS currency. The proposal orders finance intellectuals to debate if India wants to agree on the formation of an upcoming BRICS currency.
A senior and top-level government official said on the condition of anonymity that the discussion will be significant at the upcoming summit in October. India plans to keep its talking points prepared at the 16th BRICS summit in Russia’s Kazan region this year.
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BRICS member Russia is also contemplating ideas of a BRICS currency as its economy is affected by the US sanctions. Russia is reaching out to India for a renewed and extensive dialogue about the prospects of a new BRICS currency.
“We have not changed our position at all, but there is no harm in a study,” informed a source to Business Standard. Speculations are rife that the finance analysts and think tanks are senior officials from the Reserve Bank of India (RBI). However, the RBI did not respond to the same when Business Standard contacted them for a comment.
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Therefore, the finance intellectuals who are poised to study the prospects of the BRICS currency remain anonymous and under wraps. India does not want to keep them in the spotlight as constant glare jeopardizes the study as it could lead to media leaks.
Will India Say Yes To the New BRICS Currency?
Indian officials are yet to begin studying the prospects of a new BRICS currency this year. The officials might take six months or more to fully understand the concept of the yet-to-be-released global tender.
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India might keep the decisions secret and classified and only reveal their intentions in the next BRICS summit. Therefore, the question of accepting or rejecting the BRICS currency remains unknown until all the details are made public.