BRICS: Will Pakistan Join and Adopt BRICS Currency?
BRICS is an acronym for five of the leading economies in the world: Brazil, Russia, India, China, and South Africa. Together, the nations are looking to establish their own currency, BRICS , in order to decrease the influence of the US in the global trade market by means of de-dollarization. New countries are already in line to join the organization, including Pakistan . Source: Reuters Could Pakistan Join BRICS? Recently, Pakistan placed its first-ever order to purchase Russian crude oil, and the shipment is expected to arrive at a Pakistan i port next month, according to Reuters. This can be an indicator of the potential interest of Pakistan to join BRICS . However, the South Asian nation is in the middle of an economic crisis, which would make it difficult for the adoption of a whole new currency. Currently, Pakistan is looking to revive its International Monetary Fund (IMF) loan program worth $6.5 billion to address the situation. However, until it solves its balance of pa...