As South Africa hosts the Brics summit, experts highlight the necessity of solid domestic policies for the country's economy,
Silke said: “South Africa requires good domestic economic policy, excellent governance, huge investment in infrastructure, the ending of corruption and graft and a policy framework that is market-friendly and relates to public/private partnerships. All of that has to run concurrently with more symbolic issues related to Brics.”
SA and fellow Brics member states definitely had a desire to move away from reliance on the dollar and the influence of Washington and the US Fed when it came interest rates and the value of the dollar. “The Brics countries themselves are looking for ways and means to alter that dependency, so to speak, on the influence of the Fed and the US currency.
“That’s the critical issue here, we need to watch out what kind of mechanisms are in place,” Silke said.
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