One of the crucial topics the BRICS nations will consider at their summit next month is the establishment of long-term payment systems for cross-border commerce, the Russian Foreign Ministry said.
”Given the current international situation, this issue will be addressed during the upcoming meeting of the bloc’s leaders,” the ministry said on Friday, referring to the summit in Johannesburg, South Africa, on August 22-24, RT reported.
The use of national currencies in cross-border commerce is hindered, according to the Russian Foreign Ministry, by things like their restricted convertibility and higher volatility than the US dollar. The government also admitted that it would be a ”delicate” process to possibly launch a new BRICS common currency. Läs artikel