BRICS Currency - Vision or Pipe Dream? TheExchangeEA: SouthAfrica
Countries that constitute the BRICS bloc first mooted the idea of a common reserve currency between them as far back as 2011.
Russia has a strong interest in the creation of this alternative reserve currency. The country has seen at least half of its foreign exchange reserves frozen as sanctions on it start to bite. Russia's motive for making such a call is obvious, the country has been at war with Ukraine since February 2022. This aggression against Ukraine has earned Russia some of the. What has been the greatest pain point is that Russia has lost access to at least half of its foreign exchange reserves since the beginning of its war with Ukraine.
The basket currency effort has been undermined by the resurgence of the United States dollar which has been appreciating rapidly relatively to other currencies including those in the BRICS bloc.
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