Tag: BRICS Currency
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It’s Time to Take the BRICS More Seriously
As longtime readers of this column and listeners of our podcasts may know, I've been quite critical of the BRICS in recent years. Beyond the creation of a mid-sized development finance bank, this is a group with few other accomplishments to boast about in its 15-year existence. ...
Currencies, Old and New, Set to Top Agenda at Next Week’s BRICS Summit in Johannesburg
The idea of creating a brand new currency under the auspices of the BRICS countries is "ridiculous," according to the former Goldman Sachs economist who coined the acronym for the five countries. Jim O'Neil echoed the sentiments of a number of ...
New Development Bank Wants to Finance More Projects Using Local Currencies Rather Than the U.S. Dollar
The New Development Bank (aka the "BRICS Bank") wants to reduce the use of the U.S. dollar when it finances projects in developing countries. The head of the Shanghai-based lender, Dilma Rousseff, told the bank's annual meeting this week that the ...
Russia Not the Only Big Issue At BRICS Foreign Ministers’ Meeting This Week
The Foreign Ministers of the BRICS group will meet in Cape Town, South Africa, on Thursday. The meeting is an important step towards the BRICS summit in August. The South African government announced this week that attendees to both this week’s FM meeting ...