BRICS NEWS: New Central Bank, Currency Update, De-Dollarization and Focus on Africa

BRICS NEWS: New Central Bank, Currency Update, De-Dollarization and Focus on Africa

May 25, 2024

THE CURRENCY WAR - FOLLOW THE MONEY

Lena Petrova

China, with backing from Russia and South Africa, is planning an onslaught on the mighty dollar by introducing a new currency, to be issued by a proposed BRICS central bank that would combine the strengths of the respective currencies of the five countries in the economic forum.

The development follows an earlier proposal by Russia and China for setting up of an independent BRICS payment system using digital and blockchain technologies, as part of a move to end the dominance of US dollar in global payment system.

Besides Russia, China and South Africa, the BRICS bloc of countries include Brazil and India.

Reports citing sources at the BRICS-sponsored New Development Bank (NDB) said the forum is now looking at the prospects of creating a central bank for BRICS that would eventually be issuing a common currency for member countries of the forum.

The key way to help Africa grow even faster is to invest in the continent, Dr. Jin Xin, Secretary-General of the China Council for BRICS Think-Tank Cooperation (CCBTC), told Sputnik Africa.

For example, during last year's BRICS Plus African Countries Forum, China outlined three areas of investment: industrialization, modernization of agriculture, and capacity building. However, as the speaker noted, such fields should be discussed within BRICS.

"I believe helping African countries realize modernization is not only a thing China wants to do; it's also something that Russia and other BRICS partners want to do together. We can do our best to ensure that," Jin told Sputnik Africa.

https://en.sputniknews.africa/20240524/doing-our-best-how-can-brics-members-help-africa-1066724076.html

Original: https://youtu.be/uwgcjYIVKPI

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