IMF Has Not Seen Specific Proposal on BRICS Currency
The International Monetary Fund (IMF) has not seen any specific proposal on a common BRICS currency. However, the IMF acknowledges the presence of “slow-moving trends” indicating shifts in the currency composition of reserves and trade. The Fund’s statement followed reports that the BRICS economic bloc is planning to launch a gold-backed currency. IMF on BRICS Currency The International Monetary Fund (IMF) was asked during a press conference on Thursday about its position on the proposed BRICS currency following media reports that the BRICS nations are launching a gold-backed currency that will be formally announced at the economic bloc’s upcoming leaders’ summit in August. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. Julie Kozack, director of IMF’s Communications Department, replied: “With respect to the way countries, or the currencies in which countries conduct trade, we view that as a decision of the participants involved in the individual transa