Brics nations say new currency may offer shield from sanctions

Brics nations asked the bloc’s specially created bank to provide guidance on a how a potential new shared currency might work, including how it could shield other member countries from the impact of sanctions such as those imposed on Russia. The foreign ministers of Brazil, Russia, India, China and South Africa convened in Cape Town earlier Thursday to discuss how the bloc can win greater global influence and to challenge the US.

Proposals are being considered by officials at the New Development Bank, the Shanghai-based lender created by Brics nations, and the bloc “will be guided to them as to what the future models might be,” Pandor said, without providing further details. Expansion plans The Brics ministers were joined by counterparts from countries including Saudi Arabia, the United Arab Emirates, Egypt and Kazakhstan. Also on the agenda was expansion, with more than 20 countries aspiring to join.

Source: Loan Digest (loandigest.net)

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