https://en.sputniknews.africa/20241022/brics-national-currency-settlements-help-build-up-to-single-currency-s-african-official-1068803942.html
BRICS National Currency Settlements Help Build up to Single Currency: S. African Official
BRICS National Currency Settlements Help Build up to Single Currency: S. African Official
Sputnik Africa
MOSCOW (Sputnik)-BRICS is an intergovernmental organization established in 2006. Russia's 2024 presidency of BRICS began with the joining of new members... 22.10.2024, Sputnik Africa
2024-10-22T10:18+0200
2024-10-22T10:18+0200
2024-10-22T12:10+0200
international
brics
south africa
currency
southern africa
economy
business
https://cdn1.img.sputniknews.africa/img/07e8/09/1b/1068439490_0:148:3074:1877_1920x0_80_0_0_c73eea7c9835dc61695c06742d1570f8.jpg
Although there is still a lot of work to be done before establishing a single currency among the BRICS nations, the fact that some countries are already conducting financial settlements in their national currencies contributes to future plans, Busi Mabuza, the chairwoman of the South African Chapter of the BRICS Business Council, told Sputnik. The BRICS countries have been considering ways to establish a reliable system for mutual settlements, with the possibility of creating a common BRICS currency also being discussed. Russian President Vladimir Putin said earlier in October that BRICS needs to establish a well-functioning national currency settlement system. BRICS member states should primarily work on aligning their different macroeconomic systems before creating a single currency, the official said. From October 22 to 24, the BRICS Summit is taking place in Russia's Kazan. It is the largest foreign policy event in Russia this year, with a total of 32 countries having already confirmed their participation, according to Russian Presidential Aide Yuri Ushakov.
https://en.sputniknews.africa/20241021/bricss-share-in-world-economy-has-grown-by-almost-10-since-its-foundation-analysis-1068792036.html
south africa
southern africa
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2024
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik Africa
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
international, brics, south africa, currency, southern africa, economy, business
international, brics, south africa, currency, southern africa, economy, business
BRICS National Currency Settlements Help Build up to Single Currency: S. African Official
10:18 22.10.2024 (Updated: 12:10 22.10.2024) MOSCOW (Sputnik)-BRICS is an intergovernmental organization established in 2006. Russia's 2024 presidency of BRICS began with the joining of new members. Adding to Brazil, Russia, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, UAE and Saudi Arabia; the latter has not formalized membership but participates in BRICS meetings.
Although there is still a lot of work to be done before establishing a single currency among the BRICS nations, the fact that some countries are already conducting
financial settlements in their national currencies contributes to future plans, Busi Mabuza, the chairwoman of the South African Chapter of the BRICS Business Council, told
Sputnik.
The BRICS countries have been considering ways to establish a reliable system for
mutual settlements, with the possibility of creating a common BRICS currency also being discussed. Russian President Vladimir Putin said earlier in October that BRICS needs to establish a well-functioning national currency settlement system.
"There are countries in BRICS that are already settling in [their] own currency amongst each other. And I think that's a start of building up to something [as a single currency]," Mabuza said during the BRICS Business Council in Moscow when asked about BRICS single currency development.
BRICS member states should primarily work on aligning their different macroeconomic systems before creating a single
currency, the official said.
"I think that's a project that is still a few years down the line," she added.
From October 22 to 24, the BRICS
Summit is taking place in Russia's Kazan. It is the largest foreign policy event in Russia this year, with a total of 32 countries having already confirmed their participation, according to Russian Presidential Aide Yuri Ushakov.
