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.