Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2023-10-10

Exploring BRICS’ call for new cross border payment systems

Quest for alternatives to foreign reserve currencies like the US dollar and Euro AT THE 2023 August 15th BRICS Summit in South Africa leaders called for diversification in cross border currency payment mechanisms in the BRICS and emerging economies. The call was made for financial transactions and trade cross border payments through the use of national local currencies rather than the use of foreign reserve currencies such as the US dollar, the Euro or any other foreign reserve currency. For BRICS and emerging market economies the use of local currencies would be a significant advantage in their commitment to facilitate strong investment and trade flows. Currently, only China in BRICS has the use of an internationally recognised reserve currency while many of its BRICS and emerging economy partners are…
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Cape Times (Digital) - 1 Issue, 2023-10-10

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