BRICS Maintains focus on Currency and Payment System Development

Mayowa DurosinmiMarch 17, 20241 Mins read602

BRICS Maintains focus on Currency and Payment System Development

Source: BRICS/Getty Images

BRICS has provided updates on the development of its currency and payment system as part of its efforts to de-dollarize and its economic standoff with global power.

Brazil’s emissary, Mauricio Liro, Russia’s state-owned news agency, TASS, of the bloc’s collective commitment to providing its payment infrastructure.

“We are working on that,” Lyrio said. “The countries are discussing it under the Russian presidency, and it’s one of the topics discussed during this presidency,” he added.

The position of Moscow has overly reiterated Russia’s commitment to see the country oversee its focus on de-dollarization, especially having a non-US-dependent currency (USD) in its regional bloc. Moreover, more than 200 different events regarding different topics will take shape in the 2024 BRICS summit that is set to take place in Kazan.

With over 30 countries, globally showing interest and many applications to join the BRICS coming October 22-24, the BRICS is set to achieve a monumental defeat of ditching the dollar.

However, Nigeria’s Minister of Foreign Affairs, Yusuff Tugar had in early March reiterated his commitment since 2023 to enhancing Nigeria’s relationship with Russia who was appointed Chairman of the BRICS.

He maintained during an interview with the Russian news publication, Sputnik Africa, that Nigeria is planning to apply to join the BRICS group of nations once the required internal processes are completed.

“We intend to do it. Like I said before, Nigeria runs a deliberative democratic system. So there tends to be a lot of engagement with different interest groups, different internal bodies before such an action is taken,” Tuggar said.

Read: Putin re-elected as president of Russia, retains BRICS chairmanship