Daily Management Review

FT: BRICS members to discuss trade transactions in national currencies


According to the Financial Times, which cites unnamed sources, BRICS presidents may debate the possibility of conducting trade transactions with one another in national currencies.

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The meeting may concentrate on reaching a consensus that BRICS members should increasingly undertake trade transactions with each other in their local currencies, rather than a more general move towards de-dollarization, the newspaper writes.

The sources say that despite members' growing discontent with the US dollar's hegemony, a single currency is not on the agenda.

The leaders of China, India, Brazil, Russia, and South Africa will attend the BRICS summit, which will take place in Johannesburg from August 22 to 24.

source: ft.com