Countries in the BRICS bloc intend to encourage the use of local currencies in cross-border trade, their foreign ministers revealed. The top diplomats, who met in South Africa, also emphasized the importance of financial inclusion, welcoming new technologies that support it. BRICS to Stimulate Trade Transactions in Local Currencies The BRICS group of the largest emerging economies (Brazil, Russia, India, China, and South Africa), will encourage the use of local currencies in international trade. The plan was announced during the meeting of their foreign ministers in Cape Town, Russian news agencies Tass and RIA Novosti reported. The first diplomats of the nations in the union met in South Africa’s oldest city on June 1 – 2. The hosting country took over the BRICS chairmanship from China earlier this year. In a joint statement published by its foreign ministry, the Department of International Relations and Cooperation, they stated: Ministers underscored the importance of encourag
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