The BRICS countries are working on establishing a new reserve currency to better serve their economic interests, Russian diplomat Pavel Knyazev said this week. He is Ambassador-at-Large of Russia’s Foreign Ministry. He said the new reserve would be based on a basket of the currencies of the five-nation bloc, reported RT today.
“The possibility and prospects of setting up a common single currency based on a basket of currencies of the BRICS countries is being discussed,” Knyazev said during a discussion about expanding BRICS and the Shanghai Cooperation Organization.
