Banking source: Issuing a BRICS currency ensures the effectiveness of monetary and fiscal policy
Banking source: Issuing a BRICS currency ensures the effectiveness of monetary and fiscal policy
2024-10-26
A banking source said that the BRICS currency that the world is talking about has not yet been determined; however, if it proves successful, its use may extend to other partners to reduce dependence on the dollar.
He explained that the issuance of the BRICS currency aims to strengthen economic relations between member states to ensure the effectiveness of monetary and financial policy. Will this currency be digital or commercial transactions between BRICS countries? This idea is manifested in the form of a digital currency, or an advanced barter system that uses blockchain technology, which is a system for trading digital currencies, to simplify and accelerate the movement of money across borders.
Russian President Vladimir Putin said during the BRICS summit that the BRICS group is considering establishing a new investment platform for BRICS member states, which was supported by the rest of the group’s leaders. This means that the BRICS group’s efforts to provide support to developing countries to confront the shocks resulting from the damage witnessed by the global economy and its consequent impact on countries; reduces reliance on borrowing from the World Bank.
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