BRICS countries plan to introduce new currency pegged to gold

Discussions on the introduction of the new currency are due to take place at an upcoming meeting in Johannesburg in August, Azernews reports, citing Bloomberg.

The decision was taken because of the large number of countries wishing to join BRICS.

BRICS foreign ministers have asked experts from a specially created bank to provide advice on how a potential new common currency could work.

The foreign ministers of Brazil, Russia, India, China, and South Africa discussed how BRICS could gain greater global influence and challenge the US. Although they did not come to clear conclusions, the use of alternative currencies was one of the main topics of the talks.

Russian Deputy Foreign Minister Sergei Ryabkov, speaking on the prospects of BRICS expansion, said: "We call on our BRICS partners to approach this topic in an open and open manner. And I can say that, in our view, the Arab world and the Asia-Pacific region are clearly 'asking' to join BRICS, because their representatives are not there today. But we will look at what can be offered to leaders and what can be brought to the leaders' attention at the Johannesburg summit.

South African Foreign Minister Naledi Pandor says BRICS members are striving "...make sure that we do not become victims of sanctions that have secondary effects on countries that, in turn, have nothing to do with the issues that led to the imposition of the unilateral sanctions.

According to foreign media outlets, the BRICS foreign ministers from Iran and Saudi Arabia also arrived in South Africa for talks on the sidelines of the meeting of the BRICS foreign ministers. It is reported that already in 2023 Algeria is to join the BRICS, which has filed an application for membership in the organization.