Russia says that a common BRICS currency is unlikely to be feasible in the near future but the process of de-dollarization of the global economy is inexorably underway. Russian Press Secretary Dmitry Peskov added that many countries, including those that do not face sanctions, are gravitating towards using national currencies in trade settlements. BRICS Currency…
Read more
The governor of Russia’s central bank says the creation of a common BRICS currency “requires the consent of many parties.” While emphasizing that the proposed BRICS currency “deserves attention,” the Russian central bank chief cautioned that this project is challenging and “will be quite difficult to implement.” Bank of Russia Governor on BRICS Currency Bank…
Read more
U.S. Treasury Secretary Janet Yellen has stated that she does not see the U.S. dollar’s dominance being threatened by any development, including the proposed BRICS currency. Yellen stressed that all the data of which she is aware shows that the dollar is overwhelmingly used in international transactions, emphasizing: “I don’t think that there is an…
Read more
The chairman of the State Duma Committee on the Financial Market says that an agreement on the BRICS currency can be reached in 2023 as BRICS nations ramp up their de-dollarization efforts to shift away from U.S. dollar reliance. “By linking its economy and currency to politics, the U.S. is practically undermining the foundations of…
Read more
