Suggestions that the Brics group of emerging market powers establish their own currency to reduce their reliance on the dollar aren’t under serious consideration and never have been, South Africa’s finance minister said. Read: Dollar’s clout in markets confronts Brics joint currency idea “No one has tabled the issue of a Brics currency, not even in informal meetings,” Enoch Godongwana said in an interview on the sidelines of the bloc’s annual summit in Johannesburg on Thursday.
” Read: Avos and handouts? Really? The bloc, which also includes Brazil, Russia, India and China is evaluating other ways to reduce their reliance on the greenback, including trading directly in their own units and ensuring that the New Development Bank, which they established in 2015, adapts how it raises its funding.