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Putin thinks of a common anti-dollar currency

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The Kremlin supports the creation of a new international reserve currency based on the currencies of the member countries of the BRICS group (Brazil, Russia, India, China and South Africa) and in an open ‘anti-dollar’ function. This was confirmed by the Russian president, Vladimir Putin, in a message sent to the participants in the economic forum of the five countries, which opens tomorrow. “The question is being elaborated” reads the document, in which Putin emphasizes how the members of the BRICS are working on reliable alternatives to the most widespread international payment mechanisms, such as the Swift from which the Russian banking system is practically excluded from the beginning of the conflict in Ukraine. The president noted that the Russian Mir financial messaging system is “open to linking banks” of BRICS countries, with an “actively expanding” geography. However, the idea of ​​this ‘reserve’ currency – a tool that stands out for its stability and low volatility – it clashes with the reality: among the BRICS countries, the least volatile currency is the yuan, which has only recently entered the basket of reserve currencies of the International Monetary Fund (IMF) , while other currencies of the group, in particular the Russian ruble, cannot be considered as such. As regards world reserves, at the end of 2021, almost 60% of the reserves of world central banks were denominated in US dollars, followed at a distance by the euro, the Japanese yen, the British pound and the yuan.

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