South African Ambassador to China Siyabonga Cyprian Cwele confirmed in an interview that the BRICS currency is progressing. “The BRICS are advancing the progress of its common currency,” he said to Global Times. He added that the alliance is “actively promoting the use of local currencies from member states to reduce the risks of solely relying on the US dollar”.
Therefore, even before the launch of the new BRICS currency, the bloc is promoting local currencies of its members to halt the prospects of the US dollar. The Ambassador revealed that a task force of member states formed by the financial ministers will meet in May to discuss the currency.
Cwele stressed that local currencies will be traded heavily among member nations until the BRICS currency is launched. More details about the soon-to-be-released BRICS currency could be revealed in the upcoming summit.
The 16th BRICS summit is scheduled to take place in October 2024 in the Kazan region of Russia. For the first time, nine member countries will be a part of the summit due to the expansion.
