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Russian Foreign Minister Sergei Lavrov said that the initiative to create a BRICS currency will be discussed at a summit in South Africa in August.

«It is in this direction that the initiatives that were announced recently, just the other day, are going – about the need to think about creating their own currencies within the framework of the BRICS, within the community of Latin American and Caribbean states», – he told reporters after talks with the President of Angola. The minister added that «this, in particular, will definitely be discussed at the BRICS summit, which will be held in South Africa at the end of August». A group of African countries will also be invited to the summit.

«Serious, self-respecting countries are well aware of what is at stake, they see the incompetence of the owners of the current international monetary and financial system, and they want to create mechanisms to ensure sustainable development that will be protected from outside dictates», Lavrov also noted.

Earlier, during his visit to Eswatini, the Russian Foreign Minister said that the financial mechanisms of the West cannot be relied on – he is ready to cheat at any moment for the sake of a momentary result, for this reason the BRICS had ideas about creating their own currency.

Brazilian President Luiz Inacio Lula da Silva on Monday suggested thinking about the possibility of creating a single MERCOSUR currency for use in settlements within the association. He recalled that such discussions are conducted by BRICS. The President of Brazil noted that the creation of such currencies should help reduce dependence on the dollar and facilitate trade.

Sergey Grishunin, Managing director of the NRA rating service, said that a full-fledged single currency of the BRICS countries may appear no earlier than 2050 and will most likely be digital, while in the near future it is quite possible that a basket of currencies of the countries of the association, in which the yuan will dominate, will appear.

Source: RIA News