https://en.sputniknews.africa/20230602/brics-currency-most-promising-mechanism-amid-us-debt-crisis-expert-says-1059668458.html
BRICS Currency 'Most Promising' Mechanism Amid US Debt Crisis, Expert Says
BRICS Currency 'Most Promising' Mechanism Amid US Debt Crisis, Expert Says
Sputnik Africa
A creation of BRICS single currency awakes great hopes against the background of the "unsustainability" of the US domestic financial system, Ashraf Patel said.
2023-06-02T16:44+0200
2023-06-02T16:44+0200
2023-08-03T10:49+0200
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The possible creation of a single BRICS currency awakes great hopes against the background of the "unsustainability" of the US domestic financial system, Ashraf Patel, a senior research associate with the Institute for Global Dialogue and member of the South Africa BRICS Think-Tank Network told Sputnik Africa in an interview.According to the expert, in 2023, the prospects for a single BRICS currency are "more viable," given the US debt ceiling crisis, which showed that "the US domestic financial system is unsustainable and that debt is re-exported globally through trade wars."In addition, Patel expressed confidence that the single currency will help boost trade flows between members of BRICS, as it will not involve third countries.In the political sphere, the expert noted that the BRICS countries are bound together by a similar strategic culture.The analyst's statements follow the meeting of BRICS foreign ministers in South Africa, the agenda of which includes the expansion of the bloc and the creation of a single currency.Following the meeting, the ministers issued a joint statement advocating the use of local currencies in trade.Last June, Russian President Putin announced that the bloc was working to create a single currency at the BRICS business forum. Brazilian President Lula da Silva recently noted that he dreams of a single currency for the BRICS members to gain independence from the use of US dollars in foreign trade.
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BRICS Currency 'Most Promising' Mechanism Amid US Debt Crisis, Expert Says
16:44 02.06.2023 (Updated: 10:49 03.08.2023) The idea of creating a single BRICS currency was originally proposed at the Valdai Discussion Club in 2018. It was proposed to name the new reserve currency "R5," based on the names of the BRICS currencies, each of which begins with the letter R: real, ruble, rupee, renminbi, rand.
The possible creation of a single BRICS currency awakes great hopes against the background of the "unsustainability" of the US domestic financial system, Ashraf Patel, a senior research associate with the Institute for Global Dialogue and member of the South Africa BRICS Think-Tank Network told Sputnik Africa in an interview.
"BRICS has potential to provide ‘broad-based economic stability ’in world affairs, while simultaneously creating alternative platforms in key areas, one being the BRICS reserve currency. Many mechanisms exist in a geopolitical world order. And BRICS reserve currency is the most promising possibility," Patel said, responding to a Sputnik question about the bloc's single currency prospects.
According to the expert, in 2023, the prospects for a single BRICS currency are "more viable," given the US debt ceiling crisis, which
showed that "the US domestic financial system is unsustainable and that debt is re-exported globally through trade wars."
In addition, Patel expressed confidence that the single currency will help boost trade flows between members of BRICS, as it will not involve third countries.
In the political sphere, the expert noted that the BRICS countries are bound together by a similar strategic culture.
"BRICS nations are coherent in terms of a more inclusive balanced order and need for substantive reforms in the multilateral field, confronting climate change, lobbying for fair trade etc.," the researcher remarked.
The analyst's statements follow the meeting of BRICS foreign ministers in South Africa, the agenda of which includes the expansion of the bloc and the
creation of a single currency.Following the meeting, the ministers issued a joint statement advocating the use of local currencies in trade.
Last June, Russian President Putin announced that the bloc was working to create a single currency at the BRICS business forum. Brazilian President Lula da Silva recently noted that he dreams of a single currency for the BRICS members to gain independence from the use of US dollars in foreign trade.
