World Financial Systems Are Used as Geopolitics' Tools, Ramaphosa Says
© Sputnik . Grigory SysoevSouth African President Cyril Ramaphosa speaks at the BRICS Summit business forum in South Africa
© Sputnik . Grigory Sysoev/
The South African President Cyril Ramaphosa has expressed the concerns during the open plenary session 15th Summit of BRICS group, which is currently taking place in Johannesburg, South Africa. The nation is chairing
Global financial systems are increasingly being used as tools in geopolitical competition, South African president has stated at the 15th BRICS Summit.
According to him, the BRICS countries will consider further practical measures to promote settlements in national currencies. Finance ministers will have to hold additional talks on this topic.
The new realities require reforms of global institutions, to make them more representative and to respond to modern challenges, he said.
The 15th BRICS Summit is being hosted by South Africa and is held in its city, Johannesburg, from August 22 to 24.
The summit is aimed at enhancing economic cooperation, facilitating dialogue on global issues and promoting inclusive development and the use of national currencies among the bloc's participants and its partners.