BRICS Developing Effective Mechanisms for Global Financial Control
The 15th BRICS summit is taking place in Johannesburg, and the alliance is looking into ways to end reliance on the U.S. dollar. Promoting native currencies for trade is on the top agenda at the summit as the members aim to strengthen their native economies. Russia’s President Vladimir Putin said that BRICS is developing effective mechanisms for global trade settlements and currency exchanges to gain financial control. The payment mechanism will revolve around local currencies and sideline the U.S. dollar for cross-border transactions. Also Read: BRICS: Expansion Top Agenda of the Summit 🇷🇺 Russian President Putin's full speech at BRICS Summit. pic.twitter.com/TlS4ZsY7Ay — BRICS (@BRICSinfo) August 22, 2023 The new payment mechanism being developed by BRICS will provide seamless services to businessmen, multinational corporations, and entrepreneurs, as Putin mentioned. The mechanism, which will not include the U.S. dollar, is currently under...