BRICS working on new global reserve currency and alternative mechanism for int’l payments: Vladimir Putin

Russian President Vladimir Putin attends a wreath-laying ceremony, which marks the anniversary of the beginning of the Great Patriotic War against Nazi Germany in 1941, at the Tomb of the Unknown Soldier by the Kremlin wall in Moscow, Russia June 22, 2022. Sputnik/Mikhail Metzel/Kremlin via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

Synopsis
According to the Russian president, the member states are also developing reliable alternative mechanisms for international payments. Earlier, the group said it was working on setting up a joint payment network to cut reliance on the Western financial system. The BRICS countries have been also boosting the use of local currencies in mutual trade.

President Vladimir Putin said on Wednesday that the BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on setting up a new global reserve currency.

“The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said at the BRICS business forum.

According to the Russian president, the member states are also developing reliable alternative mechanisms for international payment ..

(source)

Then the king stood by a pillar and made a covenant before the Lord, to follow the Lord and to keep His commandments and His testimonies and His statutes, with all his heart and all his soul, to perform the words of this covenant that were written in this book. And all the people took a stand for the covenant. ( 2 Kings 23:3 New King James Version)

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