BRICS establishes platform for national currency transactions – Lavrov : Analysis

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BRICS is focusing on establishing a platform for member states to use national currencies in trade, aiming to enhance the international monetary system, as stated by Russia’s Foreign Minister Sergey Lavrov at a meeting of the economic bloc. They are also looking to streamline collaboration among BRICS partners, aiming to shape a fair global order. Russia’s Finance Minister Anton Siluanov recently mentioned the exploration of a shared blockchain system for financial transactions within BRICS. Additionally, there has been a significant increase in transactions between Russia and other BRICS nations using national currencies, reaching 85% compared to 26% two years ago, amid growing concerns about SWIFT. BRICS, which expanded to include additional countries in 2024, has emerged as an alternative to Western-dominated entities, surpassing the G7 countries in global GDP share since 2020, accounting for 32% of global GDP as of 2023.

The article discusses BRICS’s focus on utilizing national currencies in trade, enhancing the international monetary system, and promoting collaboration among member states. It cites statements from Russia’s Foreign Minister Sergey Lavrov and Finance Minister Anton Siluanov regarding these initiatives, along with an increase in transactions using national currencies between BRICS nations. The article also highlights BRICS’s growth and positioning as an alternative to Western-dominated entities.

The sources of the information, Russia’s foreign and finance ministers, are credible within the context of discussing BRICS-related matters. However, the article lacks external perspectives or sources to provide a more balanced view of the situation and potential biases from a single government’s point of view. It portrays BRICS in a positive light, emphasizing its potential benefits and growth, which might overlook potential challenges or criticisms.

The article’s presentation of facts seems accurate, focusing on BRICS’s efforts to strengthen cooperation and shape a fair global order. However, it does not address potential obstacles or geopolitical tensions among member states that might impact their collaboration on financial systems.

In terms of reliability, the article provides a relatively straightforward account of BRICS’s initiatives but may lack depth in its analysis by not exploring broader implications or counterarguments. In the current political landscape with heightened competition and narratives around alternative economic blocs, such as BRICS, there is a risk of misinformation or selective representation of facts to serve specific agendas. Therefore, readers should consider additional sources and perspectives to form a more comprehensive understanding of BRICS and its developments.

Source: RT news: BRICS developing platform for transactions in national currencies – Lavrov

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