RT.com
23 Jun 2022, 04:13 GMT+10
It will be based on a currency basket of the five-nation bloc, according to the Russian president
President Vladimir Putin said on Wednesday that the BRICS countries - Brazil, Russia, India, China, and South Africa - are currently working on setting up a new global reserve currency.
"The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out," he said at the BRICS business forum.
According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments.
Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationSHANGHAI, China: Walt Disney Company reopened Shanghai Disneyland on 30th June, one month after the city lifted a two month ...
LISBON, Portugal: Tuvalu Foreign Minister Simon Kofe walked out of the opening cermonies of this week's United Nations Ocean Conference ...
ISLAMABAD, Pakistan - The Foreign Office (FO) revealed on Monday that a member of the five-nation BRICS summit "obstructed Pakistan's ...
SHANGHAI, China: As Shanghai reports no new cases of Covid for the first time in two months, Shanghai's top communist ...
Beijing [China], July 2 (ANI): Within the evolution of traditional and social media globally, a number of authoritarian governments have ...
© Provided by Xinhua GUIYANG, July 2 (Xinhua) -- Yuan Jian, 27, graduated from the Ministry of Education's Key Laboratory ...
NEW YORK, New York - U.S. stocks rebounded on Friday, a day after major across-the-board sell-offs."Consensus estimates for 2022 and ...
GENEVA, Switzerland: Swiss pharmaceutical group Novartis has said, as part of its previously announced restructuring program, that it could cut ...
SHANGHAI, China: Walt Disney Company reopened Shanghai Disneyland on 30th June, one month after the city lifted a two month ...
SYDNEY, NSW, Australia - Stocks in Asia skidded lower Friday with all the major indices recording solid losses."Capitulation is the ...
ISLAMABAD, Pakistan - Given the country's ongoing economic crisis and acute fuel shortage, the Pakistan government is considering purchasing oil ...
WASHINGTON, D.C.: Amidst the rise of "re-fracs" in the U.S. as part of the efforts to boost domestic oil production, ...