Clare » August 22nd, 2023
Brazilian president backs BRICS single currency
Brazilian President Luiz Inacio Lula da Silva expressed his support for the idea of establishing a single currency for the “BRICS” group (Brazil, Russia, India, China and South Africa).
Speaking at the BRICS summit, Lula da Silva said, “For investment to grow, we must ensure the growth of confidence, predictability and legal, political and social stability of the private sector. Therefore, I am in favor of adopting a single currency, which does not replace our national currencies.”
Tass also quoted a senior official as saying that the BRICS bank is working to develop a unified digital currency for the countries of the group.
The head of the monetary policy department at BRICS Bank, Evando Cassino, said that the issuance of the digital currency will take place in stages, and it may come to light within 5-10 years, and indicated that it may be used initially as an investment tool, and then in commercial transactions.
For his part, Kremlin spokesman Dmitry Peskov stressed the importance of the “BRICS” summit, which is taking place in Johannesburg, South Africa, and revealed the main issues that will be discussed, according to RT.
He pointed out that the agenda of the summit includes discussing the accession of new members to the group and the launch of a common currency or the “BRICS” currency.
He also pointed out that the group’s expansion will be discussed at the summit, and said: “The accession of new countries to the BRICS, including Argentina, Saudi Arabia and the UAE, is a subject of discussion by the leaders of the group’s countries, and matters should not be pre-empted.”
He added, “The expansion of BRICS will contribute to strengthening the organization, and the form and size of this work will be discussed.” LINK
Putin at the BRICS Summit: Abandoning the dollar as a “global” currency is irreversible
The fifteenth session of the “BRICS” summit started today, Tuesday evening, with the participation of a number of heads of member states.
Russian President Vladimir Putin said in a speech during the summit, “The BRICS Bank will be an alternative to Western banks and institutions, and there are challenges facing the BRICS group from fluctuations in energy prices and irresponsible behavior by several countries.”
He pointed out that “Russia is ready to distribute Russian fertilizers withheld in Western ports for free.”
He also added that “getting rid of the dollar in the settlements between the BRICS countries is an irreversible process, and that his country is ready to return to the grain deal in the event of real fulfillment of obligations towards the Russian side.”
In turn, Brazilian President Luiz Inacio Lula da Silva said, “We plan to introduce a special system and use national currencies in exchanges between BRICS members.”
In addition, Indian Prime Minister Narendra Modi affirmed, “The Indian Prime Minister: BRICS has appeared as a glimmer of hope for the global economy,” adding, “We are among the most economically growing countries.”
He announced the allocation of 110 billion dollars for infrastructure development.
While South African President Cyril Ramaphosa pointed out that “economic growth must be dominated by transparency and integration within the standards of the World Trade Organization. LINK
Source: Dinar Recaps
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