Putin Planning A New Global Reserve Currency For BRICS

The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.

The BRICS nations—Brazil, Russia, India, China, and South Africa—are presently trying to establish a new global reserve currency, according to President Vladimir Putin on Wednesday.

At the BRICS business forum, he remarked, “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out.”

The member states are also creating trustworthy substitute channels for cross-border payments, according to the Russian president.

The group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Additionally, the BRICS nations have increased the use of domestic currencies in cross-border trade.

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