TASS reported that former Russian Prime Minister Sergey Stepashin, currently President of the Russian Bar Association, shared his views on the idea of a BRICS common currency, saying that it is too early to discuss such a move.
Instead, Mr. Stepashin emphasized the importance of increasing payments in national currencies rather than pursuing a unified currency.
The former Russian Prime Minister pointed out the challenges in establishing a common currency for BRICS countries , especially with large economies such as India and China. “It is difficult to imagine India and China having a common currency,” he said. These are very big countries, big economies."
Former Prime Minister Sergey Stepashin said that the first step should be to pay in national currency. It is necessary to ensure the smooth functioning of the Eurasian Bank and the BRICS Bank as well as carry out transactions there.
He suggested that strengthening financial cooperation through the use of national currencies will help BRICS members better prepare for the process of establishing a common currency in the future.
The BRICS economic bloc currently includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE).
Contrary to Mr. Stepashin's warning, some BRICS members, such as Iran, have advocated the creation of a single BRICS currency and increased use of national currencies for payments.
A recent article pointed out that Iran supports Russia in developing a common currency for the BRICS economic bloc. In addition, China and Russia are promoting the use of local currencies within BRICS, with recent discussions between Chinese Premier Li Qiang and Russian Prime Minister Mikhail Mishustin focusing on strengthening financial cooperation. government and currency.
BRICS is moving towards a new era of de-dollarization of the global economy by establishing a common currency and new payment system.
Modern Diplomacy site said that the BRICS common currency and the BRICS payment system replacing SWIFT will likely be introduced at the BRICS summit next October in Kazan, Republic of Tatarstan, Russia.
