The upcoming BRICS summit in Kazan, Russia, is closely monitored for potential developments in economic cooperation and currency strategies. With the introduction of new members and the ongoing development of a BRICS currency, this gathering could mark a significant turning point in international finance. Will the summit unveil a new era of economic cooperation and bring about a new currency? Global broker Octa provides the analytics.
The BRICS organisation has evolved from a discussion forum to a more active player in global affairs.
The creation of a common BRICS currency is a major focus of the upcoming summit in Kazan.
Implementing a new BRICS currency presents significant challenges but also offers potential benefits for the member states.
The success of a BRICS currency could have a profound impact on the international financial system, potentially challenging the dominance of the U.S. dollar.
Gold is likely to play a role in the new currency development, as evidenced by increased gold purchases by BRICS central banks.
While the full implications of a BRICS currency are uncertain, its development could mark a significant shift in the global economic landscape.
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 17 October 2024 – BRICS countries are due to meet for their 16th annual summit in Kazan, Russia, on 22-24 October. BRICS, a fast-growing intergovernmental organisation currently consisting of nine member states (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Aran Emirates), has been holding regular summits since 2009. However, many past gatherings have been relatively low-key, as BRICS was considered primarily as a platform for discussion and viewed mainly as a forum for dialogue. Still, there have been notable exceptions, and the organisation has been getting increasingly more vocal lately.