No BRICS Currency Planned, Says Group’s Envoy
Brazil’s Ambassador to India Kenneth Felix Haczynski da Nobrega confirmed in a recent interview that the BRICS alliance has no plans of creating a new currency to challenge the US dollar. The statement comes after the 17th summit in Rio de Janeiro which saw member nations push towards a multipolar financial world. The formation of a new BRICS currency is not feasible and was not discussed at the 17th summit on July 6 and 7. However, Kenneth revealed that the alliance will focus on settling trade with local currencies instead of the US dollar. The transactions will be on a “voluntary basis” among member nations to adapt local currencies for cross-border transactions. Also Read: India Officially Calls for a New Financial World at BRICS 2025 Summit BRICS Has No Plans of Creating a New Currency, Says Envoy Source: Shashi Shekhar Kashyap / The Hindu The Brazilian Ambassador to India revealed that BRICS is not envisioning creating a new currency. He stressed that the bloc is envi...