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BRICS summit ended with no new currency and contradictory comments about it
By Huileng Tan
Insider, New York
Monday, August 28, 2023
A group of major emerging economies wrapped up a summit in South Africa last Thursday by welcoming six new members -- but without a new dollar-challenging currency.
The summit of Brazil, Russia, India, China, and South Africa or BRICS nations added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to its fold. It is the bloc's first expansion in 13 years as it seeks to be an alternative to Western-led groupings.
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While there was talk about the bloc's possible creation of a common currency to rival the U.S. dollar, that didn't happen -- in fact, chatter from the BRICS nations on the issue was divided, pointing to different opinions that may delay any such development.
As this dollar alternative was being discussed, data from SWIFT showed the greenback was used for a record 46% of foreign-exchange payments via the communications system in July.
Here's what the leaders of five BRICS members said about de-dollarization: ...
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