BRICS to offer an alternative in the event of the collapse of the dollar

If the dollar and the international monetary system collapse, the BRICS countries will be able to offer an alternative. Alexey Mozhin, Executive Director for Russia at the International Monetary Fund (IMF), said on 3 May.

"Much is now being written about the shortcomings of the current system. Moreover, many publications mention BRICS in the context that this association can offer an alternative," he said in an interview with RIA Novosti.

According to Mozhin, the countries of the association can create an accounting unit based on a basket of five countries' currencies. It would include the Russian ruble, the Chinese yuan, the Brazilian real, the Indian rupee and the South African rand, he added.

Mozhin noted that this proposal is already being discussed. In the event of the collapse of the dollar and the international monetary system, it will be necessary to create a real currency backed by barter goods from the BRICS accounting unit, Gazeta.Ru noted.
Back in March, Russian presidential aide Yuri Ushakov announced the intention of BRICS member states to create an independent payment system of currencies and blockchain. According to him, the association will continue to work on the development of the mechanism for a pool of conditional foreign exchange reserves, primarily in terms of the use of currencies alternative to the US dollar.