KAMAL RAMBURUTH: Brics common currency: finding an alternative to dollar dominance
A common currency could also be pegged according to reserves of a range of commodities
25 April 2023 - 05:00
A debate has emerged recently about dollar dominance, accelerating dedollarisation and initiatives to create common currencies in the Global South.
The history of money tells us that it does not need to be diversified by any specific combination of commodities (or other currencies) for it to function effectively as such. The Brics bloc of emerging economies could guarantee the value of a common currency and compute it as a combination of the rand, real, rupee, renminbi and rouble...
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