BRICS Countries keen on having common currency to replace US dollar

The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year. The Shanghai Cooperation Organization is working towards trading in their own national currencies. Roughly 40 percent of international trade transactions in goods are invoiced in dollars. The prospect of establishing a…

•The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.

•The Shanghai Cooperation Organization (SCO) is working towards trading in their own national currencies.

•Roughly 40 percent of international trade transactions in goods are invoiced in dollars

The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.

Should the common currency be formed, it will be based on a basket of the currencies of the BRICS countries; the Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real, and the South African Rand.

Russian Foreign Minister Sergey Lavrov has on several occasions announced plans by the BRICS countries to unify their currencies and untangle themselves from dollar dependency.

At a media conference during his Africa tour at the start of …

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