BRICS Nations Seek Multi-Polar Currency System

BRICS leaders gathered in New Delhi for their annual summit amidst rising tensions globally, including conflict in Iran and increasing energy prices. One key issue on the table was how to make payments and trade between BRICS countries easier, with a focus on using national currencies and linking payment systems.

The cooperation aims to reduce reliance on the US dollar, according to Paulo Nogueira Batista Jr., Founding Vice President of the New Development Bank. He emphasized that 'the goal is to increase the use of national currencies in trade between BRICS countries.'

However, experts caution that this cooperation may have limitations. Professor Sanjay Bhattacharyya, a former BRICS Sherpa, noted that 'it's not just about replacing the dollar, it's also about creating an alternative system.' He added that 'BRICS countries need to work together more effectively' to achieve their goals.

The potential implications for the global economy and the future role of the US dollar are significant. According to Professor Shen Yi, Director of the Center for BRICS Studies at Fudan University, this cooperation could lead to a 'multi-polar world' where several currencies have equal weight.