Promising and Unique: Glazyev’s Proposal for a BRICS Supranational Currency

Sergey Glazyev, Minister of Integration and Macroeconomics of the Eurasian Economic Commission, said that the creation of a supranational currency on the BRICS platform is a promising and unique idea.

Earlier it was indicated that the BRICS countries are working in the field of developing a new form of currency and can present ideas for its development at the group’s summit this year in South Africa.

Speaking on the sidelines of the St. Petersburg International Economic Forum, the minister added: “The idea is to create a system of new, fundamental financial relations based on an international agreement. So far, this has not happened in the world. The only supranational currency based on an agreement is the euro. But in this case, we are talking about an open system where any country can join it, and in this system a legal basis will be created for the mechanism for using this currency in international payments … This is a very promising idea.”

The Minister recalled that there was a previous similar experience – the convertible ruble, which was used within the framework of the Economic Mutual Council.

He said: “But now, within the framework of the BRICS, we are talking about a model of a digital international currency, which will be based on a basket of national currencies of the participating countries interested in this system.”

According to him, now the BRICS countries should create an international group of experts to start designing and developing a new currency model.

Source: News

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