According to the head of the central bank of India, the so-called BRICS bloc did not decide to create a common currency to reduce the use of the dollar. About this write Bloomberg.
"The BRICS currency is an idea put forward by one of the members that was discussed but not decided upon," - said the Governor of the Reserve Bank of India, Shaktikanta Das.
He also added that the geographical remoteness of the countries should also be taken into account, unlike the Eurozone, which has geographical integrity.
The comments came after US President-elect Donald Trump recently warned the BRICS countries that he would demand commitments from them not to create a new currency to replace the dollar and repeated threats to impose 100% tariffs.
India is trying to encourage the use of the rupee in cross-border payments in an effort to reduce dependence on the dollar. The move is part of Prime Minister Modi's efforts to strengthen India's presence on the world stage and position the country as a manufacturing alternative to China
"We have not taken a single step towards de-dollarization. We don't want to jeopardize India's trade as dependence on one currency can be problematic at times due to currency appreciation or depreciation." Das said.
Indian banks are afraid to facilitate trade with Russian companies in order not to fall under US sanctions, said the representative of Moscow in New Delhi, Denis Alipov.
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