💨 Abstract

A new report suggests that a common BRICS+ currency could reduce reliance on the US dollar for cross-border trading. The idea, discussed at the Johannesburg summit, gained traction after Western sanctions on Russia and Iran. A paper by Jim O’Neill and BRICS+ Thinking advocates for a joint payment mechanism. The New Delhi Declaration supported faster, cheaper cross-border payments and local-currency settlement but stopped short of endorsing a common currency.

Courtesy: www.thesouthafrican.com