De-dollarization among BRICS members ‘irreversible’: Putin

De-dollarization among BRICS members ‘irreversible’: Putin

TEHRAN, Aug. 23 (MNA) – The de-dollarization process is becoming irreversible across BRICS nations, Russian President Vladimir Putin said in a video address to participants of the BRICS Business forum.

"A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control. As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year," he said, TASS reported.

The Russian president announced that during the BRICS summit leaders of member states will discuss in detail the whole range of issues related to the shift to national currencies in all areas of economic cooperation.

BRICS consists of Brazil, Russia, India, China, and South Africa. The group's leaders coordinate multilateral policies and meet annually at summits.

The BRICS countries account for 42 percent of the global population and about 27 percent of both the world's land area and the world’s economy.

The bloc has become increasingly important in addressing international issues since it was founded in 2006, and is often seen as a counterweight to Western political and economic hegemony.


Source: Mehr News