Ministry of Economic Development of Russia Pessimistic About Quickly Advancing BRICS Common Currency Proposal
The Ministry of Economic Development of Russia does not expect the rapid development of a common currency for the BRICS bloc. Deputy Economic Development Minister Vladimir Ilyichev stated that “quick breakthroughs” on this issue are unlikely to happen during the ongoing BRICS summit, citing the process the European Union underwent to create the euro. Ministry of Economic Development of Russia Expects No ‘Quick Breakthroughs’ on a Common BRICS Currency The Ministry of Economic Development of Russia does not expect rapid decisions or announcements on issuing a common currency of the BRICS bloc, integrated by Brazil, Russia, India, China, and South Africa. In an interview with CGTN, a Chinese news outlet, Deputy Economic Development Minister Vladimir Ilyichev indicated he was pessimistic about developing such a currency in the short term, even with the size and importance of the BRICS organization. He stated : The BRICS group’s economy accounts for about 25% of global GDP. In our vi