A former Russian minister said that the launch of a BRICS currency with its own characteristics is almost ready.
Sergei Glazyev said in an interview with TV BRICS. To tell The currency itself is almost complete, but it still needs support from all leaders of the economic union.
Some member states are already focusing on their currencies, Glazyev said.
“This currency is technically almost ready, so all we need is political will. The software and mathematical tools have been created.
The introduction of this currency would require the political consent of the BRICS countries, three of which have already expressed support for the idea of a new currency through their heads of state. We are waiting for the reactions of China and India.”
The former minister also said that Russia would be in a position next year to persuade other BRICS countries to greenlight the currency.
“And in order to introduce such a currency, Russia could chair an international conference next year and sign an agreement on the introduction of such a new international payment currency.”
Overall, BRICS countries have expressed varying levels of support for a common currency, with the leaders of Russia and Brazil also firmly supporting the idea. South Africa is the most conservative, emphasizing the importance of the US dollar and expressing the need for a cautious approach.
Glazyev said the new currency would be backed by two baskets, making it less susceptible to price declines and more attractive than the U.S. dollar.
“It is based not only on a basket of member countries’ national currencies, but also on a basket of foreign exchange products. This model is based on the assumption that this currency is very stable and much more attractive than the dollar, pound or euro. It shows that.”
Mr. Glazyev served as Russia’s Minister of Foreign Economic Relations in 1993 and then served as a member of the State Duma for 14 years.
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