News Formal

BRICS finance ministers urged to consider local currencies for the group

  • 📰 SABCNews
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

Singapore News News

Singapore Singapore Latest News,Singapore Singapore Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 37. in SG

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Brazil BRICS Business Council adopts plan to enhance trade within blocChairperson of the Brazil BRICS Business Council Jose Serrador says the council has adopted a plan of action to enhance trade within the bloc.
Source: SABC News Online - 🏆 32. / 51 Read more »