BRICS Pushes De-Dollarization Amid Pezeshkian's Calls for Stronger Financial Cooperation
The BRICS currency debate has gained momentum as Iranian President Masoud Pezeshkian calls for greater use of national currencies in trade and reduced dependence on the US dollar. The move is seen as a push towards de-dollarization, which aims to reduce reliance on the US currency in international transactions.
Pezeshkian also emphasized the need for stronger BRICS financial cooperation and a greater role for the New Development Bank. India has clarified that there is currently no proposal for a common BRICS currency, but rather a focus on making cross-border payments faster, cheaper, and safer.
The discussions within BRICS are centered around encouraging trade settlements in local currencies, which would help reduce the dominance of the US dollar in international trade. This move is seen as a step towards financial cooperation among BRICS member countries.