Exclusive: BRICS Will Discuss Use of Local Currencies at August Summit
The BRICS alliance will discuss the usage of local currencies for cross-border transactions in the upcoming summit in August. The bloc of five nations will examine ways to strengthen their local economies by putting their native currencies to use. BRICS aims to eliminate the U.S. dollar for global trade and start remittance for imports and exports using local tenders. Also Read: BRICS : US Dollar Accounts for 59% of All Foreign Exchange Reserves The South African BRICS Ambassador Anil Sooklal confirmed exclusively to Watcher Guru that the alliance will discuss matters related to native currencies. The development indicated that BRICS is serious about sideling the U.S. dollar and aims to keep local currencies in the driver’s seat of the global financial order. “Discussion focuses on deepening use of local currencies,” confirmed Sooklal exclusively to Watcher Guru . Therefore, the bloc of five nations will put forth their respective currencies to settle glo...