Finance minister Enoch Godongwana weighs in on talk of creating a new BRICS currency to counter the dollar.
The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn’t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.
The bloc, which was formed in 2009, has been striving to gain more clout globally as a way of counterbalancing the dominance the US and its traditional allies have in multilateral financial institutions such as the World Bank and the International Monetary Fund. Already, in addition to the core BRICS countries, the bank includes Bangladesh and the United Arab Emirates among its members. Uruguay is in the process of joining, and Saudi Arabia has applied to.Maasdorp also said that the bank aims to direct 40% of lending to climate-related projects.
This has led to calls to use alternatives to the greenback as the global trading currency, with China, the world’s second-largest economy, supporting the idea of introducing a new currency. That being said, the minister said that there had been discussions and agreements in the BRICS Payments Task Force to look at several other areas.
In addition, the minister said there is greater information sharing between BRICS members on lessons learned from sandboxes, such as how they can inform regulatory frameworks.Additionally, the BRICS member counties said that they would consider bilateral interlinking payment infrastructures for settlement in their own currencies.
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