- Is BRICS Dodging US Dollar?
During the last association summit, BRICS countries supported the idea of introducing a single payment system, an alternative to SWIFT, for the subsequent implementation of payments in national currencies.
In an exclusive interview with Sputnik, Director of the Department of Multilateral Economic Cooperation and Special Projects of the Russian Ministry of Economic Development Natalia Stapran said that China was looking with keen interest at settlements in national currencies with its BRICS partners.
The weight of the BRICS countries in world trade has increased significantly. In 15 years, the volume of corporate transactions in the countries of the association has increased 15 times, from $26.5 billion to $388 billion. BRICS account for more than 17% of the international trade volume and more than 20% of global foreign direct investment.
At the same time, the share of settlements between countries in dollars has been decreasing. According to RDIF CEO Kirill Dmitriev, in Russia, for instance, the dollar’s share in foreign trade settlements has decreased from 92% to 50% in five years, while the rouble’s has grown from 3% to 14%.