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BRICS common payment unit to reduce vulnerability — President of Brazil

Luiz Inacio Lula da Silva notes that such financing alternative will be used for trading transactions and investments among BRICS countries, expanding the list of payment options available

JOHANNESBURG, August 23. /TASS/. A common payment unit for trade and investments among BRICS countries (Brazil, Russia, India, China and South Africa) would reduce the vulnerability of the association in global financial markets, President of Brazil Luiz Inacio Lula da Silva said at a plenary session of the 15th BRICS summit.

"The BRICS can offer via the New Development Bank its own alternatives of appropriate financing, which would meet needs of the Global South," the President said. "Creation of a common payment unit for trading transactions and investments among BRICS countries will expand the list of payment options available for us and reduce our vulnerability," he noted.

BRICS member-states are discussing the possibility of creating the common payment unit that will be an alternative to the dollar, Russian Finance Minister Anton Siluanov told the CGTN television channel on Tuesday.

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