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BRICS continues to discuss increased use of national currencies - Ramaphosa

South African President Cyril Ramaphosa at the 2023 BRICS Summit at the Sandton Convention Centre. Photo: AFP

South African President Cyril Ramaphosa at the 2023 BRICS Summit at the Sandton Convention Centre. Photo: AFP

Published Aug 24, 2023

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Members of BRICS would continue discussions on ways to boost the use of national currencies in trade and investment, President Cyril Ramaphosa said yesterday.

"We will continue discussions on practical measures to facilitate trade and investment flows through the increased use of local currencies," Ramaphosa said during the BRICS summit.

He added that further discussions on the issue would have to continue, in particular, at the level of finance ministers of the BRICS countries.

The president also emphasised the necessity of contributing to the development of the countries of the Global South region.

"BRICS nations need to advance the interests of the Global South and call for industrialised countries to honour their commitments to support climate actions by developing economic progress," Ramaphosa said.

Brazilian President Luiz Inácio Lula da Silva said the use of a unified currency among BRICS states would ensure stable trade between the countries.

"(The)Creation of a common unit (currency) for our trade transactions and investments for BRICS countries will increase the number of payment options and reduce our vulnerability," Da Silva said at a plenary session of the summit.

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