BRICS working on new global reserve currency and alternative mechanism for int'l payments: Vladimir Putin

SECTIONS

Dipanjan Roy Chaudhury

, ET BureauLast Updated: Jun 23, 2022, 04:28:00 PM IST

Font Size

Save

Comment

Synopsis

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.

Russian President Vladimir Putin attends a wreath-laying ceremony in Moscow — Russian President Vladimir Putin attends a wreath-laying ceremony, which marks the anniversary of the beginning of the Great Patriotic War against Nazi Germany in 1941, at the Tomb of the Unknown Soldier by the Kremlin wall in Moscow, Russia June 22, 2022. Sputnik/Mikhail Metzel/Kremlin via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

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.

Want a Loan? Get cash against your Mutual Funds in 4 hours

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.