” Neither the euro nor the dollar is backed by anything, and our countries can do what the Bretton Woods system destroyed,” the deputy speaker of the Russian State Duma said.
The BRICS group of Brazil, Russia, India, China and South Africa could create a “fundamentally new” common currency, Russian State Duma Deputy Speaker Alexander Babakov told reporters on Thursday.
“It is likely to be done,” he said when asked her if the BRICS countries could start printing a single currency. “Neither the euro nor the dollar is backed by anything, and our countries can do what the Bretton Woods system destroyed,” he added.
Babakov stressed that the currency would be backed not only by gold, but also by real resources, such as land and rare earth metals. “Economists are discussing the list of commodities that are in demand on the market, and rightly so. And it’s not just gold. There are resources,” he stressed.
“Free from foreign dictation”
Already in January, Russian Foreign Minister Sergey Lavrov had reported that the idea of creating a common currency would be discussed at the BRICS summit to be held in August in South Africa. Lavrov stressed that “self-respecting countries understand well what is at stake, see the intractability of the masters of the current international monetary and financial system and want to create mechanisms to ensure sustainable development, free from outside dictation”.
Meanwhile, many countries around the world are looking to use their national currencies or create new ones to replace the dollar. Thus, the United Arab Emirates and India have been working to boost non-oil trade in rupees. Likewise, the idea of creating a common currency in Latin America and the Caribbean has gained momentum.
