2023-08-22 22:40:46
The Summit of the BRICS group, made up of Brazil, Russia, India, the People’s Republic of China and South Africa, Vice President Cyril Ramaphosa said that the countries will focus on reducing dependence on the dollar.
Russia Today (RT), noted that United States (US) economists warn that signs of de-dollarization are being seen in the global economy, although they stress that the US currency will still maintain its dominance in the near future.
The motto of the XV Summit is “BRICS and Africa: Partnering for mutually accelerated growth, sustainable development and inclusive multilateralism”.
The New Development Bank (NDB) created by the BRICS group is considering the entry of new members and intends to expand the granting of loans in the national currencies of the bloc’s member countries.
This Tuesday, August 22, Russian President Vladimir Putin considered that the de-dollarization of trade payments between the BRICS countries (Brazil, Russia, India, China and South Africa) is irreversible.
“The impartial and irreversible process of de-dollarization of our economic ties is gaining momentum, efforts are being made to develop effective mechanisms for mutual agreements and monetary and financial control,” Putin said in his video address to the participants of the BRICS business forum. .
As a result, he said, the share of the dollar in export and import transactions within the BRICS member states is declining, “last year it accounted for only 28.7 percent.”
In addition, the leader stressed that the BRICS countries must solve “complex tasks” in a context of “increasing volatility in the stock, currency, energy and food markets”, as well as significant inflationary pressure caused, among other things reasons, due to “irresponsible actions by several countries when carrying out large-scale issuances to smooth the costs of the pandemic, which causes the accumulation of public and private debt.”
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