South Africa announced the discussion of the BRICS single currency at the summit in August
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The BRICS countries will discuss the possibility of introducing a single currency at the summit in August, said Foreign Minister of South Africa, where the summit will be held, Naledi Pandor.
“It’s a question [введения единой валюты]which we need to discuss and discuss properly,” said Pandora (quote according to Bloomberg). At the same time, she noted that “the economy is very complex” and therefore one should not “assume that this idea will work.”
Russian Foreign Minister Sergey Lavrov announced plans to discuss the common currency of the BRICS countries (Brazil, Russia, India, China, South Africa) at the summer summit at the end of January.
“It is in this direction that initiatives are going, which quite recently <...> sounded about the need to think about creating their own currencies within the framework of the BRICS, within the community of Latin American and Caribbean states,” the minister said at the time.
Lavrov also noted that the idea of introducing a single currency into the BRICS emerged from distrust of Western countries. According to him, “you can not rely on the mechanisms that are in the hands of those who can deceive at any moment, refuse their obligations.”
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