Russian President Vladimir Putin said on June 21st that the BRICS countries, which include Russia, China, Brazil, and South Africa (Iran and Argentina have applied but not yet accepted) are currently working on setting up a global reserve currency to cut their financial reliance on the West.
Putin stated at the BRICS business forum, "The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out".
The Russian President also said that the BRICS member states are in the process of developing reliable alternative mechanisms for making international payments.
The BRICS group had previously stated that it was working on setting up a payment network that would cut financial reliance on the West, and has been increasing using local currencies in mutual trade with one another, according to the Economic Times.
Putin stated at the BRICS business forum, "The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out".
The Russian President also said that the BRICS member states are in the process of developing reliable alternative mechanisms for making international payments.
The BRICS group had previously stated that it was working on setting up a payment network that would cut financial reliance on the West, and has been increasing using local currencies in mutual trade with one another, according to the Economic Times.