https://en.sputniknews.africa/20230623/brazil-to-bring-up-de-dollarization-at-15th-brics-summit-1060106863.html
Brazil to Bring Up De-Dollarization at 15th BRICS Summit
Brazil to Bring Up De-Dollarization at 15th BRICS Summit
Sputnik Africa
The 15th BRICS summit will be held in South Africa in August. According to Kremlin spokesman Dmitry Peskov, the topic of BRICS expansion will be on the agenda... 23.06.2023, Sputnik Africa
2023-06-23T17:01+0200
2023-06-23T17:01+0200
2023-08-03T15:24+0200
brics
lula da silva
president
de-dollarization
ditching dollar
brics summit
brazil
china
international
2023 brics summit in johannesburg
https://cdn1.img.sputniknews.africa/img/07e7/06/17/1060107440_0:160:3072:1888_1920x0_80_0_0_ba42a768618a24f66bf9664ffa0931d6.jpg
Brazil intends to raise the issue of abandoning the dollar in nation-to-nation settlements at the upcoming BRICS summit, the country's President Luiz Inacio Lula da Silva announced on Friday during a summit on the new global financial pact held in Paris.During his official visit to China in April this year, the Brazilian president criticized the usage of the US dollar in global commerce, arguing that nations could use their own currencies instead.In March this year, China and Brazil agreed to payments in yuan, allowing for settlements without the use of the US currency, as well as loans in national currencies, in order to simplify and reduce the cost of transactions, as well as to eliminate reliance on the greenback in their bilateral relations.According to economist Richard Wolff, the US dollar's loss of dominance as the world's reserve and trade currency is directly connected to the BRICS expansion.As a part of efforts to decrease the dependence on the US currency in nation-to-nation trade, in 2018, Russia's Valdai Discussion Club first floated the notion of establishing a unified BRICS currency. Based on the names of the BRICS currencies, which all start with the letter R: real, ruble, rupee, renminbi, and rand, it was suggested that the new reserve currency be called "R5". Recently, Ashraf Patel, a senior research associate with the Institute for Global Dialogue and a member of the South Africa BRICS Think-Tank Network, told Sputnik Africa that the prospect of a single BRICS currency raises high hopes in light of the "unsustainability" of the US domestic financial system.
https://en.sputniknews.africa/20230418/how-brics-can-dethrone-dollar-dominance-expert-sizes-up-multipolar-monetary-system-1058676913.html
brazil
china
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2023
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
brics, lula da silva, president, de-dollarization, ditching dollar, brics summit, brazil, china, international
brics, lula da silva, president, de-dollarization, ditching dollar, brics summit, brazil, china, international
Brazil to Bring Up De-Dollarization at 15th BRICS Summit
17:01 23.06.2023 (Updated: 15:24 03.08.2023) The 15th BRICS summit will be held in South Africa in August. According to Kremlin spokesman Dmitry Peskov, the topic of BRICS expansion will be on the agenda of the summit.
Brazil intends to raise the issue of abandoning the dollar in nation-to-nation settlements at the upcoming BRICS summit, the country's President Luiz Inacio Lula da Silva announced on Friday during a summit on the new global financial pact held in Paris.
During his official visit to China in April this year, the Brazilian president
criticized the usage of the US dollar in global commerce, arguing that nations could 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."
In March this year,
China and Brazil agreed to payments in yuan, allowing for settlements without the use of the US currency, as well as loans in national currencies, in order to simplify and reduce the cost of transactions, as well as to eliminate reliance on the greenback in their bilateral relations.
According to economist
Richard Wolff, the US dollar's loss of dominance as the world's reserve and trade currency is directly connected to the BRICS expansion.
"The BRICS now account for 33%, one third of the total output of goods and services on this planet, whereas the United States and its allies have slipped to under 30%, about 29% of total output," he stated.
As a part of efforts to decrease the dependence on the US currency in nation-to-nation trade, in 2018, Russia's Valdai Discussion Club first floated the notion of establishing a unified BRICS currency. Based on the names of the BRICS currencies, which all start with the letter R: real, ruble, rupee, renminbi, and rand, it was suggested that the new reserve currency be called "R5".
Recently, Ashraf Patel, a senior research associate with the Institute for Global Dialogue and a member of the South Africa BRICS Think-Tank Network, told
Sputnik Africa that the prospect of a single BRICS currency
raises high hopes in light of the "unsustainability" of the US domestic financial system.
"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.
