BRICS developing new global reserve currency Putin

RT.com
23 Jun 2022, 19:13 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 establishing 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 Scandinavia Times.

More Information

27 ℃

Fair in Stockholm/Bromma

Europe

Section

Ryanair cabin staff in Belgium, Spain, Portugal stop work demanding pay increase

BRUSSELS, Belgium - Some Ryanair cabin crew went on strike Friday in Belgium, Spain, and Portugal over pay and working ...

UK government pledges action after inflation rises 9.1% in May

LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...

Report: UK property prices rise slowest since January

LONDON, England: Prices for British homes this month rose at the slowest rate since January, as the cost of living ...

Russian gas cut off causes EU to return to coal power

AMSTERDAM, Netherlands: Amidst Europe's response to Moscow's invasion of Ukraine and subsequent reduction of the deliveries of Russian gas, Germany, ...

EU, India hope for free trade agreement by 2023, says officials

NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...

UK Armed Forces Chief: British must be capable of fighting in Europe

LONDON, England: UK General Patrick Sanders, the new Chief of the General Staff, has told troops that Britain must be ...

International

Section