There are no plans for a new BRICS currency: EAM Jaishankar
03 Jul 2023 18:18:17
New Delhi, Jul 3: India has made a big declaration amid speculation of a new BRICS currency. India's external affairs minister, S. Jaishankar, said there are no plans for a new BRICS currency and that the focus is on strengthening the national currency.
The statement comes amid reports of new currency discussions at the BRICS Summit. However, this confirms that BRICS is not considering alternatives to the dollar-dominated payment system.
No plans for BRICS currency, says EAM Jaishankar pic.twitter.com/QeTRCpmWNX
— Sidhant Sibal (@sidhant) July 3, 2023
Some reports state that 41 countries, including Bangladesh, Egypt, Belarus, Iran, Saudi Arabia, and Indonesia, are even in favor of a separate BRICS currency. But BRICS is not keen on a currency as it could lead to problems in financial sectors. On the other hand, India wants the rupee to get stronger amid "de-dollarization."