South Africa Urges Careful Debate on Option of Introducing BRICS Common Currency
- Calls mount for alternatives to using dollar for global trade
- Dollar will remain dominant for a long time, Vestact says
Naledi Pandor
Photographer: Jose Luis Magana/AFP/Getty Images
The BRICS group of nations will discuss the feasibility of introducing a common currency, according to the foreign minister of South Africa, which is preparing to host a summit of the bloc’s leaders.
US interest-rate hikes and geopolitical conflicts have pushed up the value of the American currency and all the commodities priced in it, to the detriment of most emerging markets. That’s spurred calls for alternatives to using the greenback as the global trading currency.