Currency multipolarity is becoming more of a dynamic process than a fixed state. The upcoming BRICS+ summit in Kazan, Russia, is set to discuss the establishment of a payment system that supports intra-BRICS trade settlements using national currencies rather than relying on a third-party currency like the USD.
This move is expected to enhance the evolving fabric of global trade by fostering more direct economic interactions among BRICS+ member states. The integration of national currencies in trade settlements is backed by a series of institutions and technologies that align with the real economies of the BRICS+ nations, facilitating value creation and transfer.
By shifting towards national currency-based trade settlements, BRICS+ aims to reduce dependence on traditional global currencies, promoting a more balanced and multipolar financial system.
Reference(s):
BRICS and Currency Multipolarity: Adding to the emerging fabric
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