The head of the Ministry of Foreign Affairs of the Republic of South Africa (South Africa) Naledi Pandor announced the discussion of the common currency of the BRICS countries at the August summit. It is reported by Bloomberg.
The head of the Ministry of Foreign Affairs of the Republic of South Africa, Naledi Pandor, announced that it is planned to discuss a new single currency at the August BRICS summit. According to the diplomat, this issue should be “discussed properly.”
The politician stressed that there is a lot of work to be done on the creation of a new single currency. However, according to her, one should take into account the fact that economic processes during crisis situations are very complex.
The head of the South African Foreign Ministry focused on the fact that the issue of creating a single BRICS currency is associated with the impossibility of using the US dollar in further economic relations between countries. The head of the Central Bank of the African country, Lesetja Kganyago, explained that the emergence of a new monetary unit will accompany the emergence of a single BRICS bank.
According to the head of the Central Bank of South Africa, it is impossible to conduct trade relations using national currencies, being in different geographical points of the world. The economist suggests that it is more profitable to create a single BRICS currency, which will help remove the framework for converting monetary units and improve trade interaction between countries.
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