The BRICS nations – which comprises Brazil, Russia, India, China and South Africa – may consider a joint currency when they meet in Johannesburg in August, writes Voice of America.
Russia has been spearheading the push for the creation of a joint currency, and Brazil has also thrown its support behind the idea. China is also in favour of challenging what its ministry of foreign affairs calls U.S. “dollar hegemony.”
South Africa’s Reserve Bank Governor Lesetja Kganyago is sceptical. “I don’t know how we would talk of a currency issued by a bloc of countries that are in different geographical locations because currencies are national in nature,” he said.
BRICS accounts for some 40% of the world’s population, and an estimated one-quarter to one-third of global GDP. A number of other countries, including Saudi Arabia and Iran, have also expressed interest in joining BRICS.