Russia attempts to dump the USD during global economic crisis

Denis Manturov, the Russian trade minister, requested that members of BRIC increase the use of national currencies in settlements, which could be viewed as an attempt to dump the USD during global economic crisis.

BRIC is an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa, to increase settlements in national currencies to expand their autonomy from US fiscal policy. This has the potential to be seen as an attempt to dump the USD during global economic crisis.

During a video conference with his trade counterparts in the BRIC association, the Russian trade minister stated, “Rational, balanced use of this tool will help to increase the stability of our countries’ economies and reduce dependence on US policies.”

Manturov expressed that this would pave the way for a stronger relationship between the five members of BRIC and an encouraging step forward in cooperation between the nations.

In 2014, after discussions at a number of previous BRIC summits, the leaders signed an agreement establishing the New Development Bank (NDB) and Manturov is now actively encouraged the nations to use this institution as it was specifically formed for these purposes.

The National Development Bank although agreed in 2014, opened in 2015 with an initial capital of $100 billion and a mission to sustain developing economies with resources for infrastructure and a range of projects.

BRIC, as a collection of nations, has a combined GDP of $21 trillion and encompasses approximately 40 per cent of the global population. The bank headquarters is based in Shanghai with one regional office in Johannesburg. However, there are plans to expand into Moscow alongside a range of other Russian cities.

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Chris Kidd

Chris has spent a colourful and varied international career in the Arts followed by a substantial career in Education. Having moved to Spain in 2019 for a different pace and quality of life with his fiancé, he has now taken up a new and exciting role working with the online department of Euro Weekly News. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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