Lavrov: Russia Ready to Take Part in Discussions on BRICS Currency Creation
08:34 21.04.2023 (Updated: 10:48 03.08.2023)
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HAVANA (Sputnik) - Russia is ready to take part in the discussions on the creation of a BRICS currency, Russian Foreign Minister Sergey Lavrov said.
"The BRICS countries have long been working on measures to reduce the share of the dollar in mutual payments and to switch to payments in national currencies... Recently, Brazilian President Lula suggested that we consider moving toward a collective currency within the BRICS. We will participate with interest in this discussion," Lavrov told a briefing following his visit to Cuba.
A week earlier, during his visit to China, Brazil's President Lula da Silva gave a speech in a similar vein, where he criticized the role of the dollar in world trade and urged nations to use their own currencies instead.
"Why should every country have to be tied to the dollar for trade?... Who decided the dollar would be the (world's) currency?" Lula da Silva said."Why can't a bank like the BRICS bank have a currency to finance trade between Brazil and China, between Brazil and other BRICS countries?... Today, countries have to chase after dollars to export, when they could be exporting in their own currencies."
The Brazilian president also spoke highly of the leading role of the BRICS Bank in building a better world.
"The New Development Bank is the product of a partnership among BRICS countries with a view to creating a world with less poverty, less inequality and more sustainability," Brazil's President stated.
Former US President Donald Trump made similar comments about the fate of the dollar, pointing out that the US dollar would soon no longer be the world standard currency.
"Our currency is crashing, and will soon no longer be the world’s standard, which will be our greatest defeat in 200 years," Trump said.
The BRICS countries, in addition to discussing the creation of a single currency, have consistently spoken out on expanding the BRICS format.
Earlier this week, Central African Republic's trade and industry minister Lea Mboua said that that the opening of BRICS' bank in CAR would be a logical step.
"We have earlier agreed to establish the BRICS' regional representative office in Bangui, and it will be logical if we open the branch of the BRICS bank as well," Mboua claimed.
Last week, Brazil and China issued a statement calling for discussion of the norms and criteria for BRICS expansion.
"They [Brazil and China] supported the promotion of active discussions amongst BRICS members on the BRICS expansion process and stressed the need to clarify the guiding principles, norms, criteria and procedures for this expansion process based on broad consultation and consensus," the statement published on the website of the Brazilian Foreign Ministry said.
A number of other countries intend to join the economic bloc, including Argentina, Iran, Indonesia, Turkiye, Saudi Arabia, and Egypt.
