Report on de-dollarisation to be tabled at next BRICS Summit
Finance ministers and central bank governors from all BRICS countries will explore the viability of using local currencies as an alternative to the US dollar.
President Cyril Ramaphosa confirmed the move on Thursday when delivering the declarations of the BRICS Summit in Johannesburg.
Ramaphosa said the leaders from Brazil, Russia, India, China and South Africa concluded discussions on Wednesday.
The conversation around de-dollarisation and exploring local currency was one of the topics on the agenda as emerging economies seek to assert their voice as a counterweight to Western dominance in global affairs.
He said the summit agreed that the respective finance ministers and central bank governors must consider the issue of local currencies, payment instruments and platforms.
"We encourage multilateral financial institutions and international organisations to play a constructive role in building global consensus on economic policies. We have noted that there is global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems.
“As BRICS, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture,” said Ramaphosa.
A report will be tabled at the next summit.
Ramaphosa also announced an agreement by the five countries to expand the bloc’s membership.
"We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia, and the United Arab Emirates, to become full members of BRICS. The membership will take effect from the first of January 2024," Ramaphosa said.
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