The establishment of a single currency for the group is not an immediate task at this point in time, the diplomat indicated in an interview.Experts at BRICS are putting efforts into deepening ties between the economies and financial markets of its member states, with the aim of creating a common currency. However, its possible introduction is a medium-term and even longer-term task, South Africa’s ambassador to the organization, Anil Sooklal, told Russian media.
“Right now we are working on expanding the use of BRICS national currencies in mutual trade. BRICS has a corresponding agreement, and now we are implementing it in practice, so that the trade of the BRICS countries among themselves is increasingly based on our national currencies,” the top representative explained, speaking to the Tass news agency.
Sooklal emphasized that an increase in the use of national currencies in trade and investment should precede the creation of a single currency. Different scenarios related to trade and currencies are being considered at the moment, he pointed out and stated: National currencies should be increasingly used by the BRICS states not only in trade, but also in investments and other transactions. Only this way can the foundation for the single BRICS currency be created.
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