Monday, May 20, 2024

An official from Iran anticipates that a gold-backed universal currency from BRICS would be beneficial for Iran. They also projected that such a BRICS currency could reduce the supremacy of the U.S. dollar and increase the wealth of Iranians who own gold. The official emphasized, “A significant transformation is occurring in the global economy.”

Iran to Reap Gains from BRICS Currency Backed by Gold, Asserts Official

Rasoul Mousavi, the Assistant Foreign Minister and Director General of the South Asia Department of Iran’s Ministry of Foreign Affairs, asserted on Sunday that a universally accepted BRICS currency, secured by gold, would advantage Iran and diminish the U.S. dollar, according to Press TV. The BRICS alliance consists of Brazil, Russia, India, China, and South Africa.

Mousavi’s comments came on the heels of a report last week from Russian news platform RT, which suggested that Russia has affirmed the development of a gold-backed common currency under the BRICS structure. RT expects an official declaration regarding this during the forthcoming leaders’ summit of the economic bloc, scheduled for August.

“There is a significant transformation underway in the global economy,” Mousavi was cited as stating. He further explained:

The BRICS nations’ launch of a currency backed by gold, which has the backing of 41 economically large and influential countries, will undermine the dollar and the euro. It will favor nations like Iran, while Iranians who hold gold will see their wealth rise.

Despite Mousavi’s belief that a common BRICS currency backed by gold would favor Iran and undercut the supremacy of the U.S. dollar, the economic bloc has yet to formally announce any intentions to introduce such a currency.

Last week, Leslie Maasdorp, the Vice President and Chief Financial Officer of the New Development Bank, also known as the BRICS Bank, expressed that the establishment of a BRICS currency as an alternative to the U.S. dollar is a medium to long-term goal.

There remains a prevalent opinion, however, that the formation of a successful BRICS currency will weaken the dominance of the U.S. dollar. The BRICS economic bloc is also broadening its influence and is considering incorporating additional members.

Do you agree that a universal BRICS currency backed by gold would be advantageous for Iran? Share your thoughts in the comments section below.

Frequently Asked Questions (FAQs) about BRICS Gold-Backed Currency

Is a gold-backed BRICS currency likely to benefit Iran?

While an Iranian official believes so, it is important to note that the BRICS economic bloc has not officially announced plans to create such a currency. The potential benefits for Iran would depend on various factors and the implementation of such a currency.

More about BRICS Gold-Backed Currency

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