BRICS: South African Minister Doubts if the New Currency Could Work
BRICS is looking to launch a new currency to settle international trade and sideline the U.S. dollar for transactions. The five-nations bloc is also buying massive amounts of gold and the new currency could be backed by the precious metal. The next summit will be held in South Africa in August and the leaders will combinedly decide on a new tender. The BRICS leaders are preemptively discussing the new currencies’ power and the move has been met with skepticism by South Africa’s Foreign Minister Naledi Pandor. Also Read: 24 Countries Ready to Accept BRICS Currency Pandor made it clear that BRICS leaders engaging in “preempting discussions” about the new currency could be disastrous. The South Africa n minister doubted if the new currency could work as “economics is very difficult” . Pandor explained that growth could be slow and BRICS leaders could face challenges over time in scaling up the currency. “I don’t think we should always assume the idea will work ( BRICS cu...