A single currency is not on the table, the country’s finance minister has stated
The BRICS group of nations is not currently considering the creation of a common currency, Bloomberg reported on Thursday, citing South African Finance Minister Enoch Godongwana.
However, he added that the group of emerging economies – which presently comprises Brazil, Russia, India, China, and South Africa, but is due to add six new members next year – is evaluating other ways to reduce its reliance on the US dollar.
“No one has tabled the issue of a BRICS currency, not even in informal meetings,” Godongwana revealed on the sidelines of the group’s summit in Johannesburg on Thursday.
He explained that setting up a common currency “presupposes setting up a central bank, and that presupposes losing independence on monetary policies, and I don’t think any country is ready for that.”
At the same time, the process of…
