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Its currency is “BRICS”... Government advisor: A global monetary and financial system is about to be born
Economy 10-16-2024, 19:05 |
Baghdad Today - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday (October 16, 2024), that a monetary and financial system for payments that enjoys international acceptance and credibility is “imminently born.”
Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that
“a monetary and payments system is imminent and enjoys international acceptance and credibility, and
the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency). International Monetary Fund (IMF), that is, the
BRICS currency has a high weight in the weights of world currencies, according to which the International Monetary Fund deals with the stability of the exchange rate and the strength of the new international currency (BRICS currency).” He added:
“The Kazan summit must come out with an official announcement about the new international reserve currency called the BRICS currency,
which will undoubtedly represent an economic force for approximately
40% of the world’s population, and represents about
30% of the size of the global gross domestic product, especially since The
five countries contribute significantly to the global economy, representing approximately
25% of the global GDP alone.” He pointed out that
"China and India are considered two main drivers of this growth, with
their economic power increasing significantly in the past two decades until the present time, and there is no doubt that half of the global trade is controlled by the group." Saleh added: “With this, the
BRICS group seeks to
reshape the global economic system in line with its interests, and
challenge the traditional dominance of Western countries in international economic institutions, especially the
establishment of its own financial institutions such as the New Development Bank.”
Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development and security.”
Since assuming the presidency of the group, Russia has organized more than 200 political, economic and social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.
The BRICS group is a joint association between several countries that was created in 2006 by Brazil, Russia, India, and China, and later in 2011, South Africa joined it.
Since the beginning of 2024, Egypt, Ethiopia, Iran, the UAE and Saudi Arabia have joined BRICS.
https://baghdadtoday.news/260116-عملته-بريكس.-مستشار-حكومي-نظام-نقدي-ومالي-عالمي-على-وشك-الولادة.html
Economy 10-16-2024, 19:05 |
Baghdad Today - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday (October 16, 2024), that a monetary and financial system for payments that enjoys international acceptance and credibility is “imminently born.”
Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that
“a monetary and payments system is imminent and enjoys international acceptance and credibility, and
the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency). International Monetary Fund (IMF), that is, the
BRICS currency has a high weight in the weights of world currencies, according to which the International Monetary Fund deals with the stability of the exchange rate and the strength of the new international currency (BRICS currency).” He added:
“The Kazan summit must come out with an official announcement about the new international reserve currency called the BRICS currency,
which will undoubtedly represent an economic force for approximately
40% of the world’s population, and represents about
30% of the size of the global gross domestic product, especially since The
five countries contribute significantly to the global economy, representing approximately
25% of the global GDP alone.” He pointed out that
"China and India are considered two main drivers of this growth, with
their economic power increasing significantly in the past two decades until the present time, and there is no doubt that half of the global trade is controlled by the group." Saleh added: “With this, the
BRICS group seeks to
reshape the global economic system in line with its interests, and
challenge the traditional dominance of Western countries in international economic institutions, especially the
establishment of its own financial institutions such as the New Development Bank.”
Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development and security.”
Since assuming the presidency of the group, Russia has organized more than 200 political, economic and social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.
The BRICS group is a joint association between several countries that was created in 2006 by Brazil, Russia, India, and China, and later in 2011, South Africa joined it.
Since the beginning of 2024, Egypt, Ethiopia, Iran, the UAE and Saudi Arabia have joined BRICS.
https://baghdadtoday.news/260116-عملته-بريكس.-مستشار-حكومي-نظام-نقدي-ومالي-عالمي-على-وشك-الولادة.html
