Moscow
Russian President Vladimir Putin stated on Saturday that a common currency for the BRICS nations is not under consideration at this time. Instead, the 10-member bloc is focusing on increasing the use of national currencies and digital instruments for trade.
Putin expressed the need for caution regarding the establishment of a new reserve currency. He highlighted the differences in economic structures and the quality of the economies among BRICS members, suggesting that the countries should prioritize utilizing their national currencies and developing alternatives to the SWIFT payment system.
‘At this point, a BRICS currency is a long-term prospect. It is not under consideration. BRICS will be cautious and act gradually,’ he remarked, indicating that the timing for such a currency has not yet arrived.
Putin’s comments come ahead of the 16th annual BRICS summit, scheduled to take place in Kazan, Russia, from October 22 to 23. This summit will mark the first gathering since the expansion of the bloc, which now includes new members such as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE, in addition to the original members—Brazil, Russia, India, China, and South Africa.
The BRICS grouping aims to function as a geopolitical and geoeconomic counterweight to the West, promoting economic independence and reducing reliance on the US dollar. As the summit approaches, the focus will be on strategies to enhance economic cooperation and trade among member nations.
