BRICS developing global reserve currency Putin

Sat, 02 Jul 2022

BRICS developing global reserve currency Putin

RT.com
23 Jun 2022, 04:13 GMT+10

It will be based on a currency basket of the five-nation bloc, according to the Russian president

President Vladimir Putin said on Wednesday that the BRICS countries - Brazil, Russia, India, China, and South Africa - are currently working on setting up a new global reserve currency.

"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.

Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

For more stories on economy & finance visit RT's business section

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Munich Metro.

More Information

13 ℃

Cloudy in Oberpfaffenhofen

Europe

Section

Brexit seen as driving force behind Scotland independence vote

LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...

Unable to staff airports, Germany to bring in foreign workers

BERLIN, Germany: A German Interior Ministry spokesperson has said that in a bid to relieve airports overwhelmed by staff shortages ...

France expects to reopen coal-fired power plant in Lorraine

PARIS, France: In a written statement made this week confirming a report from broadcaster RTL, France's energy ministry said the ...

Watford FC bans Qatar friendly due to fans' human rights concerns

WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...

Indonesian president seeks immediate ceasefire in Ukraine

JAKARTA, Indonesia: Indonesian President Joko Widodo has said that he will urge his Russian and Ukrainian counterparts to open peace ...

Istanbul Pride parades blocked by Turkey police

ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...

International

Section

Arab states reaching energy targets with alternative solar, wind power

DUBAI, UAE: The Arab states have built significant amounts of solar and wind power installations, and are in line to ...

Brexit seen as driving force behind Scotland independence vote

LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...

Tuvalu pulls out of UN ocean conference after China blocks Taiwan

LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...

14 ft. crocodile captured by man in Indonesia, returned to nature

SULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...

Watford FC bans Qatar friendly due to fans' human rights concerns

WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...

Istanbul Pride parades blocked by Turkey police

ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...

Movie Review

A Fish Called Wanda

Fish Called Wanda