BRICS must develop New Global Currency - Brazilian President Lula da Silva's demand

Brasilia – The President of Brazil, Lula da Silva, demanded that BRICS develop a new global currency. The President of Brazil gave information on initiating talks with China regarding this. He had earlier also insisted not to use the US dollar in business. Brazil has stopped using the dollar in trade with China. Against this background, the new demand of the President of Brazil leads to attention.

Brazilian President Lula da Silva attended the G7 meeting held in Hiroshima, Japan, a week ago. While speaking to the media about the G7 meeting, the President of Brazil promoted a currency not dependent on the US dollar. Accordingly, President Da Silva admitted to his discussion with Chinese President Jinping.

Brazil has increased its economic cooperation with China. Along with this, efforts are on to introduce independent currency of BRICS countries; President Da Silva shared this information. At a seminar in China a month ago, Brazil approved a proposal to use the Chinese Yuan for trade and economic transactions.

President Lula da Silva demanded the introduction of a new currency as an alternative to the US dollar even the last month. He asked questions such as why can’t the BRICS Bank for the economic trade of Brazil and China have its currency base the trade between Brazil and China. He also questioned the decision to use only the dollar in business after the end of the gold trade. Also, Da Silva indicated that China and Brazil have taken the initiative to create a new currency.

Last month, Russian representative Alexander Babakov also hinted at continuing efforts to create a BRICS currency as an alternative to the US dollar. Babakov informed of the beginning of discussions on this issue with other BRICS member countries. Besides, Babakov said that Russia, China, and Brazil have been preventing these countries from using the US dollar in trade. However, South Africa’s Foreign Minister Naledi Pandor said there was a need to know the views of all the countries regarding the BRICS independent currency.

Meanwhile, Lula da Silva has been giving importance to de-dollarization while accepting the reins of the post of President of Brazil. President da Silva uses the regional currency in ongoing trade with other countries. Starting with Argentina a few weeks ago, Brazil also decided to remove the dollar from trade. Also, Brazil seems to trade similarly with Venezuela.

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