Russian Foreign Minister Lavrov: ‘No One Is Talking About a Single Currency Now’
Russian Foreign Minister Sergey Lavrov emphasized the need for the BRICS bloc to achieve independence from the Western-controlled economic and payment system. He stated that this would help the bloc escape the dominance of the U.S. dollar. Lavrov clarified that the bloc is not currently discussing the creation of a common currency, contrary to prior reports. Instead, he suggested the possibility of a currency pool among BRICS nations as a precursor to an alternative payment system. Lavrov called for the creation of a working group to present recommendations at the next BRICS summit. The importance of using local currencies in international trade and financial transactions was highlighted in the BRICS summit declaration.
Key Points:
- BRICS aims to achieve independence from the Western-controlled economic system
- No discussions about a single currency currently taking place
- Possible alternative solution involving a currency pool among BRICS nations
- Creation of a working group to develop recommendations for an alternative payment system
- Importance of using local currencies in international trade and financial transactions emphasized in the BRICS summit declaration
Hot Take
Russian Foreign Minister Lavrov’s statement highlights the BRICS bloc’s determination to reduce dependence on the U.S.-controlled economic system. While a common currency is not currently being considered, the idea of a currency pool and alternative payment system is gaining traction. This move could potentially challenge the dominance of the U.S. dollar and provide greater economic independence for the BRICS nations. With the creation of a working group, the bloc is taking concrete steps towards implementing this alternative solution. The emphasis on using local currencies in international transactions further demonstrates the bloc’s commitment to reducing reliance on the U.S. dollar.
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