Russia names conditions for BRICS global reserve currency ...News

Russia Today - Economy
Russia names conditions for BRICS global reserve currency
source : Russia Today ( News ) () 15
More transactions in national currencies of member states needed first, according to Moscow A new international reserve currency based on the BRICS currency basket requires more transactions to be made in national currencies, Russia’s Ministry of Economic Development suggested on Monday. The reliance on the US dollar and euro also has to be reduced, business outlet RBC quoted a ministry official. To launch a new reserve currency, it is necessary to build a joint financial architecture, “increase the share of settlements in national currencies, reach a certain level of de-dollarization, something that is happening

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