https://en.sputniknews.africa/20241203/brics-is-not-planning-to-create-joint-currency-sa-foreign-ministry-spox-says-1069522327.html
BRICS is Not Planning to Create Joint Currency, SA Foreign Ministry Spox Says
BRICS is Not Planning to Create Joint Currency, SA Foreign Ministry Spox Says
Sputnik Africa
The increased use of national currencies in international trade and financial transactions can mitigate the impact of foreign exchange fluctuations, but... 03.12.2024, Sputnik Africa
2024-12-03T10:38+0100
2024-12-03T10:38+0100
2024-12-03T10:38+0100
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BRICS is not discussing the creation of a common currency to replace the dollar, the countries focus on using their own currencies for trade, Spokesperson for the South African Ministry of International Relations and Co-Operation Chrispin Phiri said in a statement on X on Sunday.BRICS leaders have called for a reformed international financial system to facilitate trade in local currencies, and South Africa supports the use of national currencies in international trade and financial transactions, "rather than focusing on de-dollarization," he also pointed out. Strengthening correspondent banking networks and developing infrastructure for local-currency settlements could further this objective, the official added. At the same time, Russian President Vladimir Putin said in November that it is too early to create a common BRICS currency and that there is no such goal. Putin explained that the creation of a common currency requires greater integration of the BRICS member countries' economies and their structural similarity. The Russian President pointed out that 88% of Russia's trade turnover with the BRICS countries is serviced in national currencies.
https://en.sputniknews.africa/20241022/cooperation-within-brics-not-directed-against-dollar-kremlin-says-1068804619.html
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vladimir putin, donald trump, russia, south africa, brics, united states (us), local currency, currency, alternative currency, us dollar, de-dollarization, trade, southern africa, north america, finance, economy, cooperation
vladimir putin, donald trump, russia, south africa, brics, united states (us), local currency, currency, alternative currency, us dollar, de-dollarization, trade, southern africa, north america, finance, economy, cooperation
BRICS is Not Planning to Create Joint Currency, SA Foreign Ministry Spox Says
The increased use of national currencies in international trade and financial transactions can mitigate the impact of foreign exchange fluctuations, but trading in local currencies does not imply de-dollarization, a spokesperson for the South African Ministry of International Relations said.
BRICS
is not discussing the creation of a common currency to replace the dollar, the countries focus on using their own currencies for trade, Spokesperson for the South African Ministry of International Relations and Co-Operation Chrispin Phiri said in
a statement on X on Sunday.
"Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies," Phiri noted.
BRICS leaders have called for a reformed international financial system to facilitate trade in local currencies, and South Africa supports the use of national currencies in international trade and financial transactions, "rather than focusing on de-dollarization," he also pointed out.
Strengthening correspondent banking networks and developing infrastructure for local-currency settlements could further this objective, the official added.
"We require a commitment from these countries [BRICS members] that they will neither create a new BRICS currency, nor back any other currency […] or, they will face 100% tariffs," US President-elect Donald Trump stated earlier on Sunday.
At the same time, Russian President Vladimir Putin said in November that it is too early
to create a common BRICS currency and that there is no such goal. Putin explained that the creation of a common currency requires greater integration of the BRICS member countries' economies and their structural similarity. The Russian President pointed out that 88% of Russia's trade turnover with the BRICS countries is serviced in national currencies.
