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 Birmingham News 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 Birmingham News.
More InformationSULAWESI, Indonesia: Using just a rope, an Indonesian man, supported by fellow villagers on the island of Sulawesi, captured a ...
WATFORD, UK: Watford F.C. has cancelled a friendly match against the Qatar national team due to the Gulf country's human ...
ISTANBUL, Turkey: Turkish police detained dozens of people after local authorities banned Istanbul's annual Pride parade from going ahead this ...
PARIS, France: Amidst shortages and soaring prices caused by Russia's invasion of Ukraine and subsequent supply cuts, the heads of ...
WASHINGTON D.C.: In the latest in a series of sanctions aimed at further isolating Russia economically over its invasion of ...
MAGWAY, Myanmar - At least eight resistance fighters were killed on Wednesday when junta troops intercepted a truck they were ...
LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...
LONDON, UK Bangladeshi Foreign Minister AK Abdul Momen has asked the United Kingdom to resettle 100,000 Rohingya refugees living in ...
LONDON, England: According to a report in the UK's Guardian newspaper, a government advisory agency, the National Health Service Pay ...
LONDON, England: As prices in stores throughout Britain rise, British consumers shopped less in May and also expressed less confidence ...
LONDON, England: British Airways' staff at London's Heathrow airport has voted to strike due to pay disputes. Amidst an already ...
LONDON, England: UK Prime Minister Boris Johnson said this week that in order to move millions of tonnes of grain ...