BRICS developing global reserve currency Putin

RT.com
23 Jun 2022, 04:13 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 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 Greek Herald.

More Information

18 ℃

null in Dekelia

International Business

Section

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 ...

Two years to reduce inflation to 2 percent, predicts Fed's Mester

CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...

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 ...

In major expansion, Air India weighs purchase of 300 jets

NEW DELHI, India: Industry sources have said that Air India is in talks with Airbus and Boeing for the possible ...

Biden to speak with China's Xi, deciding on easing tariffs

WASHINGTON, D.C.: U.S. President Joe Biden has said that he is planning to speak with Chinese President Xi Jinping soon, ...

AMC shareholders vote against $19 mln pay package for CEO's

LEAWOOD, Kansas: Shareholders of AMC Entertainment have rejected proposed executive compensations, including $19 million for CEO Adam Aron. The rejection ...

Mediterranean

Section