Russian Deputy Prime Minister Alexei Overchuk stated in an interview with Tass that the possibility of creating a basket of BRICS currencies could be raised at the next summit of the economic bloc, scheduled from August 22 to 24.
However, the South African diplomat in charge of BRICS relations, Anil Sooklal, refuted this claim, emphasizing that there has been no discussion of a common BRICS currency on the summit’s agenda. Leslie Maasdorp, VP and CFO of the BRICS Bank, clarified that the bloc currently has no immediate plans to launch a single currency as an alternative to the US dollar.
Instead, the focus lies on de-dollarization and promoting the use of national currencies for trade payments.
Reports suggest that there are rumors surrounding the possibility of the BRICS group unveiling a currency backed by gold at their summit. Many believe that such a unified currency could challenge the dominance of the U.S. dollar on the global stage. However, there are potential obstacles to overcome, as Russia’s central bank governor has cautioned about the need for consent from multiple parties and foresees implementation challenges.
The BRICS group has garnered interest from over 40 countries looking to join, with 22 nations already having formally applied. South Africa has invited 69 leaders to the summit, including African heads of state and leaders from major Global South bodies. It’s worth noting that no Western countries have received invitations.
