Russia Names Conditions for BRICS Global Reserve Currency

• Russia Names Conditions for BRICS Global Reserve Currency
  by https://www.rt.com/
  More transactions in national currencies of member states are needed first, according to Moscow
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  A new international reserve currency based on the BRICS currency basket requires more transactions to be made in national currencies, Russia’s Ministry of Economic Development suggested on Monday.
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  The reliance on the US dollar and euro also has to be reduced, business outlet RBC quoted a ministry official. To launch a new reserve currency, it is necessary to build a joint financial architecture, “increase the share of settlements in national currencies, reach a certain level of de-dollarization, something that is happening already in the BRICS countries,” Nikita Kondratyev, of the Department of Multilateral Economic Cooperation and Special Projects of the Ministry of Economic Development, told RBC.
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  At a BRICS summit earlier this month, Russian President Vladimir Putin said that the bloc, consisting of Brazil, Russia, India, China, and South Africa, is currently working on setting up a new global reserve currency that would be based on the currency basket of the five nations. Earlier, the bloc said it was working on establishing a joint payment network to abate the reliance on the Western financial system.

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