St. PETERSBURG, June 18 Creating a supranational currency on the BRICS platform is a promising and inherently unique idea, the Minister for integration and macroeconomics of the EEC Sergey Glazyev.
The BRICS countries, as previously reported, are working on a new form of currency and may present ideas for its development at the association's summit this year in South Africa.
«The idea is to create a system of fundamentally new financial relations based on an international agreement. Until now, this has never happened in the world. The only supranational currency based on an agreement is the euro. But in this case we are talking about an open system where any country, and in which the mechanism for using this currency in international settlements will be legally fixed … This is a very promising idea,» Glazyev said on the sidelines of the international forum.
The EEC Minister recalled that Russia already has a similar experience — the transferable ruble, which was used within the framework of the CMEA. One now, within the framework of BRICS, we are talking about a model of «an international currency in digital form, which would be based on a basket of national currencies of the participating countries interested in this system.»
According to Glazyev, now the BRICS countries need to create an international expert group that will begin to develop a model of a new currency.
«I think that such a group can be created on the basis of the BRICS Development Bank, which has a pool of foreign exchange reserves of the countries of the bloc. This pool can become the basis for a new currency. Russia, as the BRICS chair country, could hold an international conference next year dedicated to the establishment of such a currency,» the source added.
The St. Petersburg International Economic Forum (SPIEF) was held on June 14-17. is an information partner and host photo agency of the forum.
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