2 BRICS Countries Advancing Towards Launching New Currency
The new BRICS member Iran recently confirmed that it is working closely with Russia to launch a new currency. Iranian Ambassador to Russia, Kazem Jalali, said that the Islamic Republic is participating in initiatives that can help both countries to end reliance on the US dollar. The diplomat noted that creating a single currency within the framework of BRICS is currently being worked on. Also Read: BRICS: Russia Which Called US Dollar Toxic, Imports $30 Million in USD “The creation of a new single currency within the framework of the BRICS association is what Russia and Iran are working on,” the diplomat stated. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. He explained that Iran and Russia are successful in de-dollarization as majority of their trades are settled in local currencies. “ More than 60% of bilateral trade is in rubles and rials,” he said. The Ambassador added that both the nations are at a ...