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Common currency in BRICS hardly feasible in the near time — Kremlin

The de-dollarization process in the global economy "is going relentlessly," Dmitry Peskov said

MOSCOW, August 3. /TASS/. A common currency will hardly be introduced in the BRICS and in other associations in the near future, Kremlin Spokesman Dmitry Peskov told reporters.

"Many countries are tending to the path of using national currencies in mutual settlements. Certainly, expert discussions are also underway regarding the possibility, feasibility and viability of plans to introduce a national currency of certain integration processes. This is the process of discussions so far. Clearly it will be stretched over time and this can hardly be implemented in the near time," Peskov said, commenting on the proposal of President of Brazil Luiz Inacio Lula da Silva to think of creating common currencies of the BRICS and the South American common market (Mercosur) for the use in mutual settlements.

The de-dollarization process in the global economy "is going relentlessly," the Kremlin Spokesman said. "The use of national currencies has already become the reality now, the reality growing at a global scale. Not merely countries facing sanction restrictions but also the ones not facing them are resorting to this practice - they understand the benefits of this regime in the foreign economic [activity]," he noted.

Introduction of a common currency will hardly be implemented at the coming BRICS summit "but it does not mean it should not be discussed," Peskov said. "Discussions in this regard will definitely continue," he stressed.