Russia Makes Major Announcement Regarding the BRICS Currency Initiative

Russia Makes Major Announcement Regarding the BRICS Currency Initiative

Ira Singh
03 Nov’23

In a significant development that could reshape the global economic landscape, a prominent Russian politician has made a groundbreaking announcement regarding the launch of a new currency within the BRICS alliance. The 15th BRICS summit in August this year ended on a high note as the alliance inducted six new countries into the bloc. The induction of new countries is historic, as the group decided on expansion after more than a decade. The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the US dollar. In the latest update, Russia’s former advisor to the President and economist- turned-politician, Sergey Glazyev, made a huge announcement on the formation of the upcoming BRICS currency.

Sergey made a huge announcement by confirming that the BRICS currency is already in the works. He confirmed that the new BRICS currency is almost ready for launch and needs fine-tuning before its release. The BRICS currency is “almost ready” and needs “political consent,” he said, according to information.

According to Sergey, three out of five BRICS countries are supporting the currency while two other nations are yet to provide their opinion. If the two countries provide their consent, then the BRICS currency has a chance of being released next year in 2024, according to sources.

The move aims to reduce dependence on the U.S. dollar and strengthen economic ties among the BRICS nations: Brazil, Russia, India, China, and South Africa.This announcement will be closely watched by financial institutions, governments, and markets worldwide. The BRICS Reserve Currency initiative has the potential to reshape the international monetary landscape and could have a profound impact on the future of global finance. As this initiative progresses, it will undoubtedly continue to generate global interest and discussions among stakeholders in the international financial arena.