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A major development on the summit was the creation of a new, basket type reserve currency. The currency, which is challenging the US dollar, combines BRICS currencies and is backed by precious metals. 15th: 22–24 August 2023 South Africa: Cyril Ramaphosa: Johannesburg (Sandton Convention Centre)
The member states view BRICS Pay to promote trade among its members, financial inclusion, and as a direction to reduce their reliance on the US dollar. [9] Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions it was sanctioned from following its invasion of Ukraine.
Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November ...
President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face ...
The idea of creating a BRICS common currency to rival the dollar has long been on the agenda ... backed up in a Thursday note—even after the latest BRICS summit where China and India agreed to ...
In a separate agreement, a reserve currency pool worth $100 billion was set up by BRICS members. [8] The president, Development Bank of BRICS Countries, Shri K.V. Kamath calls on the prime minister, Shri Narendra Modi, in New Delhi on May 28, 2015. On 11 May 2015, K. V. Kamath was appointed as the president of the bank. [9]
The target was an organization called BRICS, which currently boasts 10 nations and is led by the Western adversaries of China and Russia. One new product offering appears to be a key stumbling block.
U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar ...