BRICS to Promote National Currencies Before Issuing Common One
The BRICS bloc is now focused on expanding the use of the currencies of its members, according to the representative of one of them. 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. Wider Use of National Fiats of BRICS States to Precede Launch of Single Currency 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...