BRICS discussing single unit of account, alternative to dollar - Russian finance minister

The BRICS countries are discussing the possibility of creating a common unit of account alternative to the dollar, Russian Finance Minister Anton Siluanov told CGTN TV channel during the BRICS summit.

"The main emphasis surrounding the development of trade relations is now on settlements in national currencies. We see the potential to discuss the creation of unified settlement systems. This can be a unit of account for the BRICS member countries. Not a single currency like in the EU but an alternative to the dollar, in which the cost of commodity deliveries can be denoted as well as benchmarks for some goods so as not to depend on the single currency or an issuing center that issues banknotes in a no-one-knows-how manner," the minister said.

A single currency for BRICS has become one of the key topics of discussion at the 15th summit of the BRICS group (Brazil, Russia, India, China, South Africa), which is currently taking place in Johannesburg, South Africa.

Earlier, a representative of the South African Foreign Ministry told TASS that in recent months, intensive consultations have been held in the BRICS on a project to possibly launch a single currency, but so far there has been no decision to this effect. According to the official, the task of creating a single BRICS currency is still in the early stages of being explored and is being discussed in a "conceptual form."