South African Foreign Minister says BRICS is looking for a replacement for the dollar
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BRICS is looking to replace dollar payments with a “more fair” money exchange system. About it stated Foreign Minister of South Africa Naledi Pandor in an interview with RIA Novosti.
“We have always been concerned about the dominance of the dollar, and we need to look for an alternative to this, this is one of the reasons why we created the BRICS New Development Bank,” she said.
Pandor explained that the dollar payment system is designed for rich countries, while at the same time it is disadvantageous for poor countries. In this regard, the head of the South African Foreign Ministry called for the development of a “more just system.” This initiative is being discussed with the BRICS ministers in the field of economy, she specified.
BRICS is an interstate association founded by a group of five countries: Brazil, Russia, India, China and South Africa. It was created in 2006 on the initiative of Russia as part of the St. Petersburg International Economic Forum (SPIEF). On June 27, 2022, Argentina and Iran filed applications for full participation in the BRICS.
In September 2022, during a speech at the plenary session of the Eastern Economic Forum (EEF), Russian President Vladimir Putin declaredthat Western dominance of the world is slipping away. He drew attention to the fact that confidence in the dollar, euro and pounds sterling has been lost.
In October, at the plenary session of the 19th meeting of the Valdai International Discussion Club, Putin accused The US and the West as a whole are using the dollar as a weapon. According to the Russian leader, in this way Western countries have discredited the institution of international financial reserves.
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