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The BRICS nations are set to discuss the feasibility of a common currency at the upcoming leaders\u2019 summit. \u201cIt\u2019s a matter we must discuss and discuss properly,\u201d a South African minister stressed, noting that a growing number of countries are saying: \u201cWhy can\u2019t we trade in our own currencies? Why are we committed to trading through the dollar?\u201d <\/strong><\/p>\n The BRICS countries are planning to discuss the feasibility of introducing a common currency at their upcoming leaders\u2019 summit, which will be hosted by South Africa on Aug. 22 in Johannesburg.<\/p>\n While noting that she does not like \u201cpreempting BRICS leaders\u2019 discussions,\u201d South African Minister of International Relations and Cooperation Naledi Pandor commented on BRICS currency discussions in an interview with Bloomberg Tuesday. She stressed:<\/p>\n It\u2019s a matter we must discuss and discuss properly.<\/p>\n<\/blockquote>\n \u201cI don\u2019t think we should always assume the idea will work because economics is very difficult and you have to have regard to all countries, especially in a situation of low growth when you are emerging from crises,\u201d she continued.<\/p>\n The BRICS nations, which comprise Brazil, Russia, India, China, and South Africa, have been ramping up their de-dollarization efforts, and a common BRICS currency is expected to help member countries shift away from the reliance on the USD. A Russian official recently said he expects an agreement<\/a> on a BRICS currency this year. Nineteen countries<\/a> have either applied to join the BRICS economic bloc or have expressed interest in joining, including Saudi Arabia and Iran<\/a>.<\/p>\n The South African minister explained that the BRICS nations and a growing number of countries are saying:<\/p>\n Why can\u2019t we trade in our own currencies? Why are we committed to trading through the dollar?<\/p>\n<\/blockquote>\n Nonetheless, she cautioned: \u201cSouth Africa has an internationally traded currency. However, we hold a lot of debt in dollars so you know we have to approach this discussion responsibly.\u201d<\/p>\n Multiple people expect a common BRICS currency to erode<\/a> the U.S. dollar\u2019s dominance. A former White House economist<\/a> said if the BRICS nations used only their common currency for international trade, \u201cthey would remove an impediment that now thwarts their efforts to escape dollar hegemony.\u201d However, some believe that a BRICS currency poses little to no threat the to USD, including Bank of America<\/a> and Dave Ramsey<\/a>.<\/p>\nBRICS Currency to Be Discussed at Upcoming Leaders\u2019 Summit<\/h2>\n
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