BRICS developing global reserve currency Putin

RT.com
22 Jun 2022, 23:43 GMT+10

It will be based on a currency basket of the five-nation bloc, according to the Russian president

President Vladimir Putin said on Wednesday that the BRICS countries - Brazil, Russia, India, China, and South Africa - are currently working on setting up a new global reserve currency.

"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Asia Times.

More Information

null in null

International

Section

Fox faces $787 million lawsuit from Newsom over Trump phone call

DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...

DeepSeek faces app store ban in Germany over data transfer fears

FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...

Canadian option offered to Harvard graduates facing US visa issues

TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...

Israel should act fast on new peace deals, Netanyahu says

JERUSALEM, Israel: Israeli Prime Minister Benjamin Netanyahu says that Israel's success in the war with Iran could open the door to...

UN offer rejected in Dreamliner crash investigation

NEW DELHI, India: India has decided not to allow a United Nations (UN) investigator to join the investigation into the recent Air India...

UN climate agency gets 10 percent boost amid global budget cuts

BONN, Germany: Despite widespread belt-tightening across the United Nations, nearly 200 countries agreed this week to increase the...

Asia

Section