BRICS developing global reserve currency Putin

RT.com
23 Jun 2022, 04:13 GMT+10

It will be based on a currency basket of the five-nation bloc, according to the Russian president

President Vladimir Putin said on Wednesday that the BRICS countries - Brazil, Russia, India, China, and South Africa - are currently working on setting up a new global reserve currency.

"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Santa Barbara Post.

More Information

59 ℉

Fair in Santa Barbara

United States

Section

Nats' Juan Soto avoids major calf injury

Washington Nationals star Juan Soto said Monday "everything was fine" with his left calf but that he will miss a ...

White Sox reinstate RHP Liam Hendriks, OF Adam Engel from IL

The Chicago White Sox reinstated closer Liam Hendriks from the 15-day injured list and outfielder Adam Engel from the 10-day ...

Last-place Fever take another shot at Tina Charles, Storm

The Indiana Fever will aim to snap a four-game losing streak Tuesday when they host the Seattle Storm in Indianapolis. ...

China fumes over NASA official's remark that its space program is a military program

Beijing [China], July 5 (ANI): China on Monday opposed remarks made by an official of NASA on its space program ...

PM Modi extends greeting to Biden on 246th Independence Day of USA

New Delhi [India], July 5 (ANI): Prime Minister Narendra Modi on Monday greeted US President Joe Biden on the 246th ...

'Hammering' Hank Goldberg dies at 82

Sports handicapping expert Hank Goldberg died Monday on his 82nd birthday after a lengthy battle with kidney disease. Goldberg's family ...

International

Section