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BRICS to Launch Its Own Currency
The BRICS alliance, which includes five major emerging economies, namely Brazil, Russia, India, China, and South Africa, has been making headlines lately. According to a Russian official, the alliance is working towards creating its own currency that would be used for international transactions. This move is aimed at reducing the alliance’s dependence on the US dollar and the Western-dominated financial system. In this article, we will discuss the reasons behind this move and the implications it could have on the global financial system.
BRICS and Its Role in the Global Economy
BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. These five countries are considered to be major emerging economies and are expected to play a crucial role in the global economy in the coming years. The BRICS alliance was established in 2009 to promote economic cooperation among its member countries. Since then, the alliance has grown in size and influence.
The BRICS countries are collectively responsible for nearly 25% of global GDP and are home to more than 40% of the world’s population. The alliance has been instrumental in promoting trade and investment among its member countries. In recent years, the BRICS countries have been working to create their own development bank, which would provide an…
