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...

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