BRICS members should offer an alternative currency In the event of a collapse of the dollar and the global financial system According to Alexei Mozhin, Russia’s Executive Director at the International Monetary Fund (IMF)
In an interview with RIA Rovosti published on Friday (3 May), Mozhin emphasized that the shortcomings of the current financial system are starting to appear more and more. And many media have started to refer to BRICS in the context of the fact that the society can offer an alternative.
Mozhin further explained that it is possible that the member states of the economic bloc will establish a currency. To be built on a basket of 5 member states, which includes the Chinese yuan and the Indian rupee. Real Brazilian Russian ruble and South African rand
“Proposals like this are being discussed if there is a collapse in the dollar and the international financial system. The BRICS unit of account will need to be changed to the real currency. under commodity exchange support,” said the IMF’s Russian executive director.
Previously, at the beginning of the year During the meeting of the Minister of Finance and Governors of the Central Bank of Russia Executive Board It is said that representatives of member states expressed their support for the move to distance themselves from the dollar. and turn to trading with local currency instead
Ivan Chebeskov, Deputy Finance Minister of Russia Said at the time All countries speak with the same voice: Payments in local currency are what the BRICS member states want “We already have a larger BRICS family that includes 10 country and sharing experiences in developing central bank digital currencies Building new platforms and participating in pilot projects on different platforms.”
Chebeskov also expressed his admiration for the majority of countries that attended the BRICS forum in February. Promote bilateral trade and strengthen economic ties. By moving towards using an independent local payment mechanism
These moves have prompted economic aid for former President Donald Trump, who is running for another term as president, to try to punish countries now. who chose to distance themselves from the use of the dollar According to a report by Bloomberg news agency.
Bloomberg reports that Trump’s Working Group Discusses punishment with allies and enemies who are looking to distance themselves from the dollar trade in favor of other currencies. those countermeasures including export control Responsible for currency manipulation and tax extortion
The trend towards reducing the world’s dependence on the dollar comes after Russia has been cut off from the Western financial system. This follows the outbreak of conflict in Ukraine in 2022. Financial experts also expressed concern that plans to seize Western Russian assets could fuel the trend.
(Source: RT News/Bloomberg)
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