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Ethiopia’s birr plunged 30% against the dollar after the central bank floated the currency as part of reforms aimed at correcting foreign exchange market distortions. The bank also eliminated foreign exchange surrender requirements and lifted restrictions on certain imports. In return, Ethiopia, which is seeking BRICS membership, is expected to receive a $10.7 billion loan … Read more
Alexander Babakov, Deputy Chairman of the Russian State Duma, highlighted the need to create a BRICS equivalent to the SWIFT messaging system, which routes payments alongside the current banking infrastructure. Babakov emphasized that this new system would help to reduce the dependence on Western institutions and simplify settlements outside the dollar-dominated system. BRICS SWIFT Equivalent … Read more
The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global … Read more
The BRICS economic bloc is considering Iran’s proposal to link all member nations’ payment systems, according to Russian Deputy Foreign Minister Andrey Rudenko. The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial … Read more
India supports the idea of an independent BRICS payments system but stresses the importance of a cautious and systematic approach. According to Ash Narain Roy, Director of India’s Institute of Social Sciences, thorough discussions among all parties are essential before making any decisions. He noted that many BRICS members share this cautious perspective. India Supports … Read more
Valentina Matvienko, Chairman of the Russian Federation Council, talked about the role of national digital currencies, also known as CBDCs, in increasing the use of national currencies in BRICS trade. Matvienko stated that a hypothetical BRICS bridge, a joint payment system, would leverage the digital currencies of all the bloc states. Russian Senate Chairman Profiles … Read more
Russian President Vladimir Putin believes that the BRICS economic bloc will have its own official parliamentary organization in the future. Speaking at the 10th BRICS Parliamentary Forum, Putin emphasized the importance of parliaments in promoting multilateralism and global security. He highlighted BRICS’ principles of democracy, sovereignty, and mutual respect, and called for collective efforts to … Read more
The spokesperson for the Ministry of Foreign Affairs of the Islamic Republic of Iran Nasser Kanani has proposed to link the payment systems of all the countries of the BRICS bloc, allowing for seamless settlements between these. Kanani stated that the conditions have been created for this to happen, as payments between these countries are … Read more
Economist Jim Rickards has shared insights on the U.S. dollar’s decline, driven by sanctions and mounting debt, and the potential rise in gold’s value as nations seek alternatives like the BRICS currency. He warns that internal mismanagement is the greatest threat to the dollar’s stability, stating to the U.S. government: “You’re taking confidence for granted. … Read more
Despite concerted efforts by the BRICS nations to decrease global dependence on the U.S. dollar, the fiat currency remains the dominant force in the world economy, a new study from the Atlantic Council’s Geoeconomics Center finds. The report underscores the challenges of de-dollarization amidst geopolitical tensions. U.S. Dollar Holds Firm as Global Reserve Leader The … Read more
