Trade in local currencies proposed for BRICS states
Deputy Chief of Mission at the Russian Embassy in India, Roman Babushkin, said he had suggested a paradigm shift towards trade with national currencies in the BRICS group.
The proposal will possibly affect the BRICS dynamics, as it will increase financial independence among the member countries of this economic bloc, according to IRNA.
The Russian diplomat gave a speech at a ceremony organized by the India Foundation in Delhi on the recent BRICS meeting and emphasized the steps taken by BRICS members to trade in their national currencies.
He highlighted that the development may not only align with the alternating world order, but also create greater independence from the US dollar in financial exchanges.
As an integral part of the multipolar paradigm, BRICS has a significant impact on the global economy as it includes more than a third of the world’s GDP as well as a population of about three billion.