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Single currency not on agenda of upcoming BRICS summit — South African diplomat

"What we have said and we continue to deepen is trading in local currencies and settlement in local currencies," South Africa’s BRICS sherpa said

PRETORIA, July 21. /TASS/. The upcoming summit of the BRICS group of nations, bringing together Brazil, Russia, India, China and South Africa, will not look into the possibility of introducing a common currency of the union, South Africa’s BRICS sherpa has said.

"There’s never been talk of a BRICS currency, it’s not on the agenda," said Anil Sooklal, the ambassador-at-large for Asia and BRICS at the South African Foreign Ministry and South Africa’s BRICS sherpa.

"What we have said and we continue to deepen is trading in local currencies and settlement in local currencies," he added.

In his words, the process of introducing a common currency will require a more intense mutual trade and investment within the organization.

The BRICS summit will run in the South African city of Johannesburg between August 22 and 24. Russia will assume the rotating presidency of BRICS in 2024.

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