Monday, December 4, 2023

Putin says BRICS working on a new reserve currency

Russian President Vladimir Putin on Wednesday said that the BRICS countries are working on reliable alternative payment mechanisms for international settlements.

Further, he said that creation of an International reserve currency based on the basket of the BRICS currencies is also being considered.

Addressing the BRICS Business Forum 2022, Putin said, “Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements”.

Putin added that the Russian Financial Messaging System is open for connection with the banks of the BRICS countries.

“We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies,” he said.

The development comes as Russia is facing sanctions from western countries over its invasion of Ukraine.

During his address, Putin also highlighted the increasing trade among BRICS countries.

He said, “Negotiations are underway to open Indian chain stores in Russia, increase the share of Chinese cars, equipment, and hardware on our market. ­­­ In its turn, Russia’s presence in the BRICS countries is growing.­­ There has been a noticeable increase in the exports of Russian oil to China and India”.

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