• BRICS countries will continue to expand the use of national currencies in international trade

South African President Cyril Ramaphosa has said that creating a single payment system using the national currencies of the BRICS countries will be on the agenda of the 2024 summit in Kazan, Russia.

The head of state remarked while addressing the National Council of Provinces (upper house of parliament) on October `13. 

“The BRICS group intends to further expand the use of member states’ national currencies in international trade. Finance ministers and Central Bank governors are now working on the creation of a unified BRICS currency platform and payment system. The issue comes to the upcoming summit of the association,” Ramaphosa said. 

The South African leader stressed that the New Development Bank (BRICS Bank) is expanding the issue of bonds in the national currencies of the countries of the association, which is beneficial for all member countries of the bloc, including South Africa, as reported by TASS.

In addition, the politician noted mutual understanding within BRICS on the need to reform international political organisations. According to him, the countries favour such a process concerning the UN, the UN Security Council and the World Trade Organisation (WTO).

South Africa currently holds the chairmanship of the BRICS grouping. From 1 January 2024, the group will be headed by Russia. 

The next summit of BRICS leaders will be held in the Russian city of Kazan in autumn.

At the last summit in South Africa in August, six countries were invited to join BRICS. Argentina, Egypt, Saudi Arabia, Iran, Ethiopia and the UAE are among them.

The XV BRICS summit in Johannesburg was the most representative in history: more than 60 countries were invited to participate in its work.

African Times is a media partner of the international media network TV BRICS. 

BRICS payment system on group’s summit in 2024 | TV BRICS, 13.10.23