SA Reserve Bank stalls bid by Russia and India to bypass dollar
Africa must be priority over interlinking payment system for India and Russia
Russia and India have approached the SA government about the possibility of interlinking payment infrastructure for settlement in their own currencies, but the Reserve Bank has proposed that attention be given to other priorities.
The move by Russia and India comes amid discussions within the Brics grouping about avoiding the use of third currencies in transactions and to rather embed settlement in their own currencies. This is in line with the Brics’ wish to lessen the dollar’s dominance over their economies — a sentiment mirrored in the replacement of dollar-based trading by a number of developing countries...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.