November 6, 2023

Former Russian Minister Affirms BRICS Currency Nearing Completion, Poised to Outshine US Dollar, Pound, and Euro

An ex-Russian minister declared that a BRICS currency, distinguished by unique attributes, is close to being launched.

During an interview with TV BRICS, Sergey Glazyev revealed that the BRICS currency is on the brink of completion, pending unified backing from all member countries' leadership.

Glazyev mentioned that several member nations have already thrown their support behind the currency initiative.

"We need only political will because technically this currency is almost ready. The software and mathematical tools have been created."

For the currency to be rolled out, the consent of BRICS countries is essential, with three nations already endorsing the notion of a new currency via their heads of state. Glazyev indicated anticipation for the responses from China and India.

The former minister outlined Russia's plans to persuade other BRICS nations to approve the currency in the upcoming year.

"And in order to launch such a currency, Russia, as the presiding country next year, could convene an international conference to sign an agreement on the introduction of such a new international settlement currency."

Across BRICS nations, there exists differing levels of support for a unified currency, with Russia and Brazil expressing strong advocacy. Meanwhile, South Africa, while recognizing the necessity for a cautious approach, emphasizes the significance of the US dollar.

Glazyev highlighted that the forthcoming currency will be fortified by two baskets, lessening vulnerability to devaluation and rendering it more appealing than the US dollar.

"It is based not only on a basket of national currencies of the member countries, but also on a basket of exchange commodities. The model shows that this currency will be very stable and much more attractive than the dollar, pound and euro."

Glazyev, a former Russian foreign economic relations minister in 1993, served as a State Duma deputy for 14 years.

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