BRICS foreign ministers recently gathered in Cape Town to discuss strategies to increase the bloc’s global influence and challenge US dominance.
To this end, member countries Brazil, Russia, India, China and South Africa have asked the bloc’s established bank to advise on the possible introduction of a common currency. The main purpose is to explore how such a currency could protect member countries from the negative impact of sanctions such as those imposed against Russia.
While no firm conclusions were drawn, discussion of alternative currencies was a prominent topic, as highlighted by Naledi Pandor, South Africa’s minister of international relations
The BRICS countries are now exploring the possibility of creating a common currency as a means of mitigating the impact of sanctions and strengthening their economic resilience.