BRICS developing new global reserve currency Putin

RT.com
23 Jun 2022, 14:43 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 establishing 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 Caribbean Herald.

More Information

null in null

Business

Section

FedEx, UPS step up as Canada Post loses market share in strikes

OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...

U.S. stocks steady Tuesday despite tariffs turmoil

NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...

Beijing blamed for covert disinformation on French fighter jet Rafale

PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Beijing hits back at EU with medical device import curbs

HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...

Wall Street reels after Trump invokes new tariffs

NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...

Latin America

Section