Economist Shulgin admitted that the dollar will replace the international reserve currency of the BRICS countries
MOSCOW, August 11 – RIA Novosti. An international reserve currency based on the BRICS currency basket is under development. However, it is possible to predict in advance how the currency of this economic union will be formed. said To Prime Minister’s agency Mikhail Shulgin, head of global research at Otkritie Investments.
It is important for Russia and other BRICS members to reduce their dependence on the US dollar, especially on bilateral trade and foreign debt service. “Our new economic reality is to live under heavy sanctions. “The main trend of the Russian money market will be the decreasing role of the US dollar and euro, with the increasing role of the currencies of friendly countries and the ruble,” he said.
According to him, the new currency will help BRICS countries avoid the risks posed by certain currencies and protect them from settlement risks in dollars and euros. The issuer may be the New Development Bank. While the role of each participant in the basket is important, it should be correlated with the rates of the individual currencies it contains.