There are no plans to create a BRICS currency after Donald Trump threatened to impose 100% tariffs on members of the economic bloc.
Image: File/Fotor“We require a commitment… that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs,” Trump wrote on his Truth Social website.
The rand eased in line with its emerging-market peers, which weakened on the back of renewed dollar strength.BRICS, which groups developing market powers Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates, has called for reforms to the international financial system while stopping short of agreeing on the adoption of a new currency.
“South Africa supports the increased use of national currencies in international trade and financial transactions to mitigate the impact of foreign exchange fluctuations, rather than focusing on de-dollarisation,” it said. There’s a mad scramble for bragging rights as the country’s top goal scorer in this season’s Betway Premiership.
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