Common Brics currency will take time, need cautious approach, says Putin

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Advocating a cautious approach in creating a new reserve currency due to differences in the structure and quality of the economies of the BRICS member states, Putin said these countries should focus on the use of the national currencies, new financial instruments and the creation of an analogue of SWIFT.

Russian President Vladimir Putin has said the time has not come yet for a common BRICS currency but added that the 10-nation bloc is exploring the use of digital currencies in mutual trade and investments for which his country is working with India and other nations.

At this point of time it (a BRICS currency) is a long term prospect.

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Category: BusinessFinance

Markets: IndiaBrazilChinaEgyptEthiopiaMaliSaudi ArabiaSouth AfricaUnited Arab EmiratesUnited States

Topics: India Russia ties BRICS summit BRICS currency BRICS common currency

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-19 @ 16:56:49 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 1124 words

Reading Time: 7 minutes read

Sentences: 52 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23126064

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