News Formal

BRICS Currency Was Never On Table, South African Finance Chief Says

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 14 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 9%
  • Publisher: 50%

United States News News

United States United States Latest News,United States United States Headlines

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.

“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.”

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:

 /  🏆 83. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

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

BRICS Bank Struggles to Find South Africa Projects to FinanceThe New Development Bank, a financial institution created by the BRICS bloc, is struggling to find viable projects to fund as part of its $3 billion pledge for South Africa’s Just Energy Transition initiative.
Source: BNNBloomberg - 🏆 83. / 50 Read more »