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Dollar-based system cannot be reformed — expert

According to Paulo Nogueira Batista Jr., "BRICS needs to join forces with other countries to build alternatives to the system"

SOCHI, November 5. /TASS/. The current financial system based on the dollar cannot be reformed and Russia put forward reasonable proposals to create an alternative within the BRICS framework, ex-IMF Executive Director Paulo Nogueira Batista Jr. told reporters on the sidelines of the 21st session of the Valdai Discussion Club

"I addressed one of the aspect of inequality in the world, which is the international monetary and financial system, dollar based and under the Western control," the economist said after the discussion session. "There is no prospect of reform of that system. So BRICS needs to join forces with other countries to build alternatives to the system," he noted.

"The Russian presidency of BRICS took steps in that direction," the expert said. Russia proposed a platform for "cross-border payments in national currencies based on interactions between central banks," he stressed. "The BRICS leaders in Kazan asked for further work. I hope this further work will be done under the Brazilian presidency in 2025," the economist added.

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