“There’s never been talk of a BRICS currency, it’s not on the agenda,” Anil Sooklal, South Africa’s Ambassador at Large: Asia and BRICS, told a media briefing. –Reuters July, 2023
When will BRICS currency be released?
There is no official “BRICS currency.” The BRICS group (Brazil, Russia, India, China, and South Africa) is an association of major emerging economies that aims to promote cooperation and collaboration among its member countries. While there have been discussions and proposals about the possibility of creating a shared currency or a reserve currency among BRICS nations as a way to reduce reliance on the U.S. dollar and other major currencies, no concrete steps had been taken to establish such a currency by that time.
What is BRICS?
BRICS is an acronym that stands for an association of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries are collectively known as the BRICS nations. The BRICS group was formed to promote cooperation and collaboration among these economies with the goal of enhancing their influence on the global stage and addressing common challenges.
The BRICS nations represent a diverse set of economies, cultures, and political systems. They share common interests in areas such as economic development, trade, and international relations. The group aims to facilitate dialogue and cooperation on a range of issues, including economic growth, development, investment, technology, and global governance reform.
The BRICS summits are held annually, providing leaders of these nations with a platform to discuss key global and regional issues and to strengthen their cooperation in various fields. The formation of BRICS has also led to discussions about potential initiatives, such as creating a development bank (New Development Bank) to support infrastructure and sustainable development projects in member countries and other emerging economies.
When was BRICS founded?
The term “BRIC” was initially coined by economist Jim O’Neill in a 2001 paper titled “Building Better Global Economic BRICs.” He used the acronym to refer to the emerging economies of Brazil, Russia, India, and China, which he believed would become increasingly influential in the global economy.
The first formal summit of the BRIC countries (Brazil, Russia, India, and China) took place in 2009, in Yekaterinburg, Russia. At that summit, South Africa had not yet joined the group. The leaders of these four countries came together to discuss economic and geopolitical matters and to explore ways to enhance cooperation among themselves.
In 2010, South Africa was invited to join the group, turning BRIC into BRICS. The first BRICS summit with all five member countries took place in 2011 in Sanya, China. Since then, annual BRICS summits have been held to discuss a wide range of issues, including economics, politics, and global governance.
The BRICS group was founded to promote cooperation and collaboration among these major emerging economies, providing them with a platform to discuss common challenges and opportunities on the global stage.