The BRICS members are mulling over the possible launch of a common unit of account, Russia’s Minister of Finance Anton Siluanov unveiled. This would be an alternative to the U.S. dollar that can be used to denote the cost of some commodities, for example, but not a single currency like the euro, the Russian official explained.
BRICS States Focused on Trade in National Currencies, See Potential in Unified Settlement Systems
The BRICS countries (Brazil, Russia, India, China, and South Africa) are discussing the possibility of creating a common unit of account that would serve as an alternative to the U.S. dollar, Minister Siluanov told the Chinese state-run CGTN TV channel during the BRICS summit.
Leaders of the BRICS member states are meeting in Johannesburg on Aug. 22-24, with Russian President Vladimir Putin joining via video link, to discuss the future moves of the group. The prospect of issuing a single currency for the bloc, which unites leading emerging economies, is one of the
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