The BRICS countries have asked experts from a specially created bank to provide recommendations on how a potential new common currency could work. This was reported by Bloomberg news agency.
The move is intended to protect other member countries from the impact of sanctions such as those imposed on Russia.
As Bloomberg notes:
“Foreign ministers from Brazil, Russia, India, China and South Africa discussed how the BRICS could gain greater global influence and challenge the US. Although they did not come to clear conclusions, the use of alternative currencies was one of the main topics of the talks.”
South African foreign minister Naledi Pandor said BRICS members were keen to:
“…to make sure that we do not become victims of sanctions that have secondary effects on countries, which in turn have nothing to do with the issues that led to the imposition of unilateral sanctions.”
The proposals are being considered by officials of the BRICS New Development Bank, based in Shanghai.
Pandor noted that BRICS members:
“…will inform them (the bank’s experts – ed.) on what the future parameters may be.”
EADaily recalls that the foreign ministers of Iran and Saudi Arabia also came to South Africa for talks on the sidelines of the BRICS foreign ministers’ meeting. Algeria is reportedly due to join BRICS as early as 2023, having applied for membership in the organisation.
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