Brazil has urged BRCIS member countries to prioritise local currencies instead of the US dollar while conducting trade.
Eduardo Paes Saboia the Brazil Foreign Affairs Secretary for Asia and the Pacific said on Tuesday that member countries of the BRICS should increase the use of national currencies and less of the US dollar.
“[The issue of reducing the reliance on the US dollar] has already been considered at meetings of finance ministers and heads of central banks [of BRICS],” he told reporters.
“I hope that those discussions will be reflected in a certain way in the declaration in Kazan [based on results of the BRICS summit on October 22-24]. They will obviously continue during Brazil’s chairmanship [in BRICS in 2025],” the diplomat said.
Brazil, he said, will continue negotiating a further increase in the share of national currencies in trade with members of the integration, he added.
President of BRICS New Development Bank Dilma Rousseff also said in October that the financial organization intended to use national currencies for investing in the private sector of the economies of member states.
Russian Foreign Minister Sergey Lavrov said in September that a report on options for creating alternative payment platforms for settlements between BRICS member countries would be prepared for the summit of the association in Kazan (October 22 to 24).
This year, the Russian Federation is chairing the association, with over 200 various events planned. The BRICS summit in Kazan is going to become the association’s main event during Russia’s chairmanship.