The emerging powers of the BRICS (Brazil, Russia, India, China, South Africa) gathered at the top in Johannesburg come on Wednesday August 23, 2023 from discussions, the creation of a common currency.
Bloc countries have in common their demand for a more inclusive global political and economic balance, in particular vis-à-vis the United States and the European Union, which passes, according to them by a “dedollarization” of the global economy.
In this regard, Brazilian President Lula da Silva said that discussions on a common currency for cross -border trade between the countries of the BRICS should not be done to the detriment of national currencies.
“In order for investments to increase and stimulate development, we must guarantee more credibility, predictability and legal security, as well as political and social security for the private sector. For this reason, I recommended the idea of increasing financial integration where we could have a commercial unit that would not replace our national currencies, “he said.
The dollar weighs for 44 % of the currencies and maintains its domination in global finance and trade.
Already in 2009, the BRICs (which were only four) had called for the creation of a new overall currency, alternative to the dollar, without having seen the light of day.
