Recently, US Treasury Secretary Scott Bessent affirmed that the countries of the BRICS group of leading emerging economies cannot find a currency to replace the USD, no matter how hard they try.
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| Kremlin spokesman Dmitry Peskov denied that BRICS had plans to create a common currency. (Source: Getty Images) |
The above comments were made by Mr. Scott Bessent in the context of members of the BRICS group increasingly promoting the use of local currencies in bilateral trade transactions.
In recent years, BRICS countries have stepped up efforts to reduce their dependence on Western currencies, especially after sanctions caused Russia to have its assets frozen in European Union (EU) payment institutions.
Speaking on Fox Business , Mr. Bessent declared that no currency can replace the role of the USD.
"I have been involved in the currency market for 30-35 years and I can say that there is no alternative to the US dollar. The BRICS countries can talk about it, they can try to take away our reserve currency status, but there is no other currency that can replace it," he said.
In this regard, Kremlin spokesman Dmitry Peskov denied that BRICS plans to create a common currency.
However, he revealed, discussions on a common investment platform to promote economic cooperation among members are still ongoing.
* In a development related to BRICS, on February 9, Niger's Minister of Foreign Affairs and Cooperation Bakary Yaou Sangare announced that the country plans to strengthen relations with the group by 2025 - part of a strategy to diversify partnerships.
"This is a group that supports a different vision of cooperation. Among them are countries like China, Russia, India with whom we already have cooperative relations. We will continue to develop relations with other members with whom our relations have not progressed much," the minister said in an interview on Niger television.
In January 2024, a BRICS delegation was hosted by the Niger government in Niamey to discuss a range of issues, including strengthening economic and trade cooperation.
According to RT news agency, Belarus, Bolivia, Kazakhstan, Thailand, Cuba, Uganda, Malaysia and Uzbekistan are likely to become official partners of BRICS this year.
More than 30 countries have applied to join the bloc.
Source: https://baoquocte.vn/hon-30-nuoc-nop-don-xin-gia-nhap-brics-my-len-tieng-khang-dinh-vi-tri-hang-dau-cua-dong-usd-303754.html
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