BRICS looks towards new era of de-dollarization, former Russian PM points out big problem, 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 world's leading emerging economies (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 the 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 to settle in national currencies. It is necessary to ensure the smooth functioning of the Eurasian Bank and the New Development Bank (NDB) and to conduct 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 its 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.

Modern Diplomacy said that the BRICS common currency and the BRICS payment system to replace SWIFT will likely be introduced at the BRICS summit in October in Kazan, Russia.

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