Sun. Jun 23rd, 2024
BRICS Common Currency not an agenda on Leaders' Summit; Plans for De-Dollarization Instead

BRICS Common Currency not an agenda on Leaders’ Summit; Plans for De-Dollarization Instead

BRICS Common Currency not an agenda on Leaders’ Summit; Plans for De-Dollarization Instead

Lord Jim O’Neill, an economist who used to work in Goldman Sachs and came up with the name BRICS for the group of five countries (Brazil, Russia, India, China and South Africa) does not likes the idea of these countries coming together to create one currency that they all use.

These countries want to find ways to prevent the US dollar from being the most important currency used by the countries, and Brazilian President Luiz Inacio Lula da Silva wants them to create a common form of money for trade.

Is India saying no to more friends in BRICS?

People in the West are saying that India does not want more countries from the Global South to join BRICS, but this is not entirely correct. India wants more discussions before actually enlarging the group but is still open to China’s idea of including more countries, even though there are differences between India and China.

India’s Foreign Minister Dr. S. Jaishankar said that BRICS is an important part of the world, so it seems that they are not against the idea of having more members.

BRICS countries working on making the most of their wealth

The leaders of the BRICS grouping are gathering for a meeting soon, but they won’t be talking about creating the new money they all share. Instead, they would talk about using their countries’ money more and not relying too heavily on the US dollar.

Currently South Africa is in charge of this group and it will host the meeting in Johannesburg. They want to figure out how to make better use of their money restrict too much use of the US dollar.

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