MOSCOW, June 1. /TASS/. The creation of an international reserve currency based on the currencies of the BRICS member countries (Brazil, Russia, India, China, and South Africa) is currently being discussed, this topic could be included on the agenda of the association's summit in South Africa in August, according to Russian Deputy Prime Minister Alexey Overchuk.

"The five [of the BRICS countries] are currently contemplating the creation of a global reserve currency based on the BRICS currency basket, which might be used in settlements between members of this organization. As for the prospects for individual member states' currencies, this notion is now being considered by the BRICS' ministries of finance and central banks. This subject requires in-depth expert analysis <...> We do not rule out the possibility that the issue could be discussed during the BRICS summit in South Africa.

Overchuk said earlier that the Eurasian Economic Union (EAEU) has almost entirely shifted to payments in national currencies, their share totaled 90% in March. "We register a surge in the use of national currencies in mutual payments by the Union’s countries," he said at the second Eurasian Economic Forum, adding that "the EAEU has virtually shifted to payments in national currencies." The share of settlements in EAEU nations’ mutual trade in national currencies "totaled 89% in Q1 2023," Overchuk said. "Speaking about March, [the share reached] 90%," he noted.

According to Russian Foreign Minister Sergey Lavrov, the process of using national currencies in mutual settlements between Russia and its partner countries will only gain momentum. Lavrov also stated that Brazilian President Luiz Inacio Lula da Silva "has already put forward his idea to focus on the development of payment mechanisms that would not rely on the dollar or the euro and would rely on decisions and agreements that would be developed, including within the framework of the BRICS New Development Bank.".