An financial alliance of countries generally known as BRICS is reportedly making ready to introduce a brand new forex that’s designed to dethrone the US greenback.
In response to RT, the brand new buying and selling forex of BRICS might be backed by gold, an ordinary that used to outline the US greenback over 100 years in the past.
The forex is ready to be unveiled in August in the course of the fifteenth BRICS Summit in South Africa.
“BRICS is ready to introduce a brand new forex backed by gold, in distinction to the credit-backed US greenback, with the choice coming a month forward of the bloc’s summit in Johannesburg. With the rising initiative, increasingly more international locations are lining as much as be a part of the group.”
Russia’s embassy in Kenya has despatched out a viral tweet touting the event.
“The BRICS international locations are planning to introduce a brand new buying and selling forex, which might be backed by gold. An increasing number of counties lately specific a want to hitch BRICS.”
Earlier this month, the chief monetary officer of the BRICS New Improvement Financial institution, Leslie Maasdorp, reportedly mentioned that the financial coalition has “medium to long-term” ambitions to create a brand new world forex and problem the supremacy of the US greenback.
On the time, nonetheless, Maasdorp mentioned that BRICS was not but ready to ascertain a forex that might compete towards the US greenback.
Final month, a senior Russian official reportedly mentioned that about 20 nations are lining as much as be a part of BRICS, which is at present made up of Brazil, Russia, India, China and South Africa.
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