BRICS currency to benefit Iran, undermine US dollar, euro

The BRICS alliance with Brazil, Russia, India, China and South Africa recently announced that they were planning to float a gold-backed currency to settle international trade payments to challenge the global reserve status of the US dollar.

The bloc of the five nations is projected to decide on introducing the new BRICS currency during its next summit in Johannesburg, South Africa, in August.

“A tremendous change is taking place in the international economy,” Rasoul Mousavi, the head of the South Asia Department at Iran’s Foreign Ministry, said on Sunday.

“The BRICS’s introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase,” Mousavi added.

The Russian government confirmed a day earlier that Brazil, Russia, India, China and South Africa would introduce a new trading currency backed by gold.

The state-run RT also reported that the initiative was adding new momentum to the ongoing de-dollarization trend unfolding in the global economy.

The BRICS alliance with Brazil, Russia, India, China and South Africa recently announced that they were planning to float a gold-backed currency to settle international trade payments to challenge the global reserve status of the US dollar.

The bloc of the five nations is projected to decide on introducing the new BRICS currency during its next summit in Johannesburg, South Africa, in August.

“A tremendous change is taking place in the international economy,” Rasoul Mousavi, the head of the South Asia Department at Iran’s Foreign Ministry, said on Sunday.

“The BRICS’s introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase,” Mousavi added.

The Russian government confirmed a day earlier that Brazil, Russia, India, China and South Africa would introduce a new trading currency backed by gold.

The state-run RT also reported that the initiative was adding new momentum to the ongoing de-dollarization trend unfolding in the global economy.

MNA/PressTV