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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.
BRICS countries committed to study the feasibility of a new common currency or similar, at the 2023 BRICS summit in South Africa. [158] [159] [160] Fair and easier international trade, as well as a major reduction in costs of transactions, would be some of the reasons for the countries to forge a currency union. [161]
The 2024 BRICS summit was the sixteenth annual BRICS summit, held in Kazan, Russia. It was the first BRICS summit to include Egypt , Ethiopia , Iran , and the United Arab Emirates as members, following their accession to the organization at the 15th BRICS summit .
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 ...
America's currency took over post-World War II The U.S. dollar remains the world's most-used currency in terms of global business after overtaking the British pound at the end of World War II.
The idea of creating a BRICS common currency to rival the dollar has long been on the agenda of the emerging-market nations in the bloc. 6 new nations are set to join BRICS.
The 2022 BRICS summit is the fourteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa. [1] It was the third time that China hosted the BRICS Summit after 2011 and 2017.
The creation of a common BRICS currency, an idea floated notably by Brazil's President Luiz Inacio Lula da Silva, was not on the finance ministers' agenda during the meetings, he said, adding that ...