BRICS holds talks on reserve currency

The group is reportedly set to develop alternative payment mechanisms to shift away from the US dollar and euro The BRICS countries are working on establishing a new reserve currency to better serve their economic interests, ambassador at large of Russia’s Foreign Ministry Pavel Knyazev said this week. It will be based on a basket of the currencies of the five-nation bloc. “The possibility and prospects of setting up a common single currency based on a basket of currencies of the BRICS countries is being discussed,” Knyazev said during a discussion about expanding BRICS and the Shanghai Cooperation Organization. A

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