SCO & BRICS latest news and insights
By Emil Boev
The Bretton Woods system was created in 1944 and gave the American dollar an unprecedented role as the world's reserve currency. It also established a fixed exchange rate between the dollar and gold, with approximately one gram of gold per dollar. Individuals were able to exchange pap...
BRICS, the intergovernmental organization comprising Brazil, Russia, India, China and South Africa, started meetings this morning in Russia. After agreeing to expand its membership in August, the group added Egypt, Ethiopia, Iran, Saudi Arabia and the UAE on January 1. During the opening meeting, Ir...
By Suren Karr
Malaysia should consider joining the proposed BRICs currency union rather than resort to the proposed Islamic gold dinar as a reserve currency for international trade, says an economist. Ida Yasin of Universiti Putra Malaysia said the proposed BRICS currency would also be backed by g...
By Rhod Mackenzie
The upcoming leader of the new BRICS Development Bank will serve a five-year term representing Russia. Within this period, a major decision must be made which will have worldwidet reprecussions,this is regarding the creating of a financial instrument or currency. The quandary of...
By Rhod Mackenzie
More than 80% of payments between the Russian Federation and China are made in national currencies, so we can declare that the de-dollarization of economic relations between the two countries has taken place, said Georgy Zinoviev, director of the first Asian department of the Rus...
By Rhod Mackenzie
With the countries of Iran, Saudi Arabia and the United Arab Emirates joining the BRICS, the multilateral mechanism now includes the World's major global oil producers and importers. Analysts now predict that a wider adoption of local currencies will be used for its trade among B...
