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BRICS finance ministers urged to consider local currencies for the group

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Brazil, Russia, India, China and South Africa have requested their finance ministers and central bank governors to consider native currencies for the group.

US dollar banknotes are displayed in this illustration taken, February 14, 2022.

This recent decision has been trending, with questions raised about the BRICS group’s ability to shift away from trading in US dollars. “We have noted that there is global momentum for the use of local currencies, alternative financial arrangements, and alternative payment systems. As BRICS, we are ready to explore opportunities for improving the stability, reliability, and fairness of the global financial architecture.

Although implementation appears to be a long way off, the topic has attracted important interest, with some skeptics and others optimistic.

 

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