Members of the BRICS alliance are meeting at a summit in Johannesburg, South Africa, in August, focusing attention on the potential for the BRICS bloc to create a gold-backed reserve currency. However, Subrahmanyam Jaishankar, India’s external affairs minister, said India isn’t interested in issuing a common BRICS currency. Instead, he said India is more concerned with strengthening the rupee.
India Snubs Common Currency Idea, Reduces Russian Oil Imports While Increasing U.S. Crude Purchases
In recent times, a great deal of interest is aimed at the BRICS nations — Brazil, Russia, India, China, and South Africa. In August, BRICS ministers plan to discuss adding new members to the alliance and creating a gold-backed common currency. Last week, Rasoul Mousavi, a representative from Iran’s Ministry of Foreign Affairs, told the press that a BRICS currency could benefit Iran and diminish the influence of the U.S. dollar.
Brazil, Russia, China, and South Africa are supporting the crea
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