Members of the BRICS organization, Brazil, Russia, India, China and South Africa have decided to issue a a new currency in order to ease the trades between the countries.
The matter will be discussed in August, at their annual conference in South Africa.
It is said that Russia was behind the suggestion of introducing a new currency, as many countries had imposed economic sanctions on Russia, which resulted in Russia facing an economic crisis.
Bloomberg has revealed that Russia has been using chinese yuan instead of American dollers.
“According to the first 3 quaters of last year, the ruble and yuan portion has increased upto 65% and is still being increased when it comes to the transactions between Russia and China,” said Russian President Vladimir Putin.
“That will ensure the safety of Russia and China’s trades from the effect of third world countries and global negative trade affairs,” he noted.
It is estimated that the trade worth between Russia and China last year was approximately 190 billion dollers.
Source By themorning.lk
