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An eminent Indian representative has downgraded the importance of developing a mutual currency among BRICS nations. Stressing that there must be “several prerequisites before the discussion on a common currency framework can even begin,” the official emphasized that the BRICS countries have been concentrating on enhancing settlements using their respective national currencies.

Commentary by India’s Foreign Secretary on BRICS Currency

During a media briefing on Monday, India’s Foreign Secretary Vinay Mohan Kwatra clarified that the BRICS economic alliance, encompassing Brazil, Russia, India, China, and South Africa, has no current intention of focusing on a proposed shared currency for its member states, as per a report by the Indian news source, Mint.

“The bulk of trade and economic dialogues and discussions integral to BRICS’ engagement has largely concentrated on means to augment trade in individual national currencies, which is remarkably divergent from the idea of a common currency,” the official painstakingly explained. He went on to say:

The notion of a common currency demands certain preconditions to be met before a common currency framework can even become a subject of conversation. Both the structure and substance of dialogues within BRICS have been directed predominantly towards fostering trade within the boundaries of national currencies.

This sentiment was echoed by India’s Minister of External Affairs S. Jaishankar, who recently announced that there are no ongoing talks about a common currency for the BRICS nations.

The BRICS summit, slated to occur between Aug. 22-24 in Johannesburg, will be hosted by South Africa this year. Although numerous individuals anticipate a discussion on the formation of a mutual currency, the senior South African diplomat responsible for BRICS affairs has confirmed that the issue of a shared currency is not on the agenda for the summit.

The proposition of a common BRICS currency that might supplant the U.S. dollar as the world’s leading currency has found some fervent supporters, such as Robert Kiyosaki, the author of Rich Dad Poor Dad. Conversely, there are those who approach this idea with skepticism, such as the British economist Lord Jim O’Neill, the originator of the BRIC acronym, who described the proposal of a shared currency as both “ridiculous” and “embarrassing.”

(Note: The last paragraph of the original text invites readers to share their opinions, which has been omitted in the paraphrased version as it’s typically specific to the context of an online article with a comments section.)

Frequently Asked Questions (FAQs) about fokus keyword: BRICS currency

What is the BRICS’ stance on creating a shared currency?

The BRICS economic bloc, consisting of Brazil, Russia, India, China, and South Africa, is not currently focusing on the creation of a shared currency. Instead, according to India’s Foreign Secretary Vinay Mohan Kwatra, the emphasis has been on how to increase trade using the respective national currencies of the member states.

Is the topic of a common currency on the agenda for the upcoming BRICS summit?

No, the topic of a common currency is not on the agenda for the upcoming BRICS summit scheduled to take place on Aug. 22-24 in Johannesburg, South Africa.

Who are some of the proponents and critics of the proposed common BRICS currency?

Proponents of the idea include Robert Kiyosaki, the author of Rich Dad Poor Dad, who believes that the proposed common BRICS currency could become the world’s dominant currency. Critics include British economist Lord Jim O’Neill, who has described the idea as “ridiculous” and “embarrassing.”

What has been the primary focus of trade and economic discussions within BRICS?

The substantive part of trade and economic discussions within BRICS has been largely focused on how to increase trade in the respective national currencies of the member states, a concept considerably different from the idea of a common currency.

More about fokus keyword: BRICS currency

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5 comments

Timothy Lewis August 22, 2023 - 1:53 pm

What’s happening at the summit in Johannesburg I want to know more. The idea of a shared currency’s always been intriguing but maybe its time isn’t now.

Reply
James O'Reilly August 22, 2023 - 4:21 pm

why not go for a common currency, it could dethrone the US dollar. or at least thats what Kiyosaki thinks, I’m not sure I agree

Reply
Sara Kim August 22, 2023 - 10:21 pm

Honestly, I agree with Lord Jim O’Neill. the idea does seem a bit ridiculous and embarrassing; there’s much more to be done before jumping to this.

Reply
John Smith August 23, 2023 - 8:03 am

I can’t beleive they’re not considering a common currency, it might be a game-changer for BRICS! Or maybe not, what do I know…

Reply
Maria Gonzalez August 23, 2023 - 11:57 am

its a smart move. Focusing on national currencies first seems more logical to me.

Reply

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