Implications of a new global reserve currency for BRICS counties
3 August 2022
Analysts continue to speculate on the implications of an international reserve currency planned by Russia and China amid fears that the US might be facing a recession. The announcement of a reserve currency was made by Russian President Vladimir Putin during the BRICS Summit in June. Meanwhile, former US President Donald Trump warns of a depression if the US economy continues on the slow growth path. Associate professor of Africans Politics at Unisa, Professor Everisto Benyera, as well as Redge Nkosi, Executive Director Head of Research on Macroeconomics, Money, and Banking at Firstsource Money, join us for the following discussion
re posted from TASS
BRICS basket-based international reserve currency under consideration — Putin
MOSCOW, June 22. /TASS/. The issue of creating an international reserve currency based on currencies of BRICS member-states is under consideration, Russian President Vladimir Putin said on Wednesday in the welcome address to BRICS Business Forum participants.
“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” the Russian leader said.
Russian business circles in coordination with BRICS business communities are taking prompt steps to develop transport infrastructure, readjust logistical routes, and create new production chains, Putin noted. “I would like to stress that the Russian strategy does not change: while strengthening our economic, technological and scientific potential, we are ready to openly work with all fair partners on principles of respect to interests of each other, unconditional supremacy of international law, and equality of countries and peoples,” the President stressed.