“We see opportunities”: BRICS countries discuss the creation of a single currency as an alternative to the dollar.
In 2022, Russia's trade with other BRICS countries increased by more than 40% and reached a record $230 billion, President Vladimir Putin said. According to him, the members of the association are trying to use dollars less and less in mutual settlements. Moreover, now the parties are studying the possibility of creating a single currency within the organization for conducting trade transactions. According to Russian Finance Minister Anton Siluanov, the emergence of such a mechanism will reduce dependence on US influence. According to experts, the new unit of account will be in demand, especially considering that the BRICS countries have already surpassed the G7 in terms of GDP and more and more countries are willing to join the "five".
“The objective, irreversible process of de-dollarization of our economic ties is gaining momentum , efforts are being made to develop effective mechanisms for mutual settlements and monetary and financial control. As a result, the share of the dollar in export-import transactions within the BRICS is declining: last year it was only 28.7%,” the Russian leader added.
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