The feasibility of a BRICS currency will be discussed at the summit being held in South Africa later this year.
The BRICS group of nations will discuss the feasibility of introducing a common currency, according to the foreign minister of South Africa, which is preparing to host a summit of the bloc’s leaders.
“It’s a matter we must discuss and discuss properly,” South African Minister of International Relations and Cooperation Naledi Pandor said in an interview in Cape Town on Tuesday. The discussion about a common currency for the bloc has been generated by BRICS and other nations questioning why they can’t use their own currencies, instead of the US dollar, to trade, Pandor said.
BRICS nations passed the Group of Seven economies in 2020 by the purchasing power parity measure and last year were 4% larger. The IMF expects that gap to widen further this decade, even as the G-7 keeps its advantage when measured using market exchange rates.
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