“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. “Setting up a common currency presupposes setting up a central bank, and that presupposes loosing independence on monetary policies, and I don’t think any country is ready for that.”
By way of example, when South Africa trades with neighboring Botswana, which isn’t a BRICS member, “we know the rate of exchange between the two currencies, “ Godongwana said. “There is no reason why we can’t pay them in pula and they pay us in rands.”
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