The editorial of Sberbank Analyst deals with the enormous potential of a BRICS reserve currency that drives the de-$-Economics
The editorial of Sberbank Analyst deals with the enormous potential of a BRICS reserve currency that drives the de-$-Economics
During the last month, the Russian ruble has fallen by 16.48 % compared to the US dollar, since energy and raw material prices have slowed down in recent weeks. Two weeks ago, the Russian central bank announced that it continues to distant dependency on the US dollar by buying the Chinese Yuan on the foreign exchange markets. Around the same time, on December 21, 2022, the Sberbank board and member of the Russian International Affairs Council (Riac), Yaroslav Lissovolik, published an opinion article that deals with the research of the path to a new Brics reserve currency.
Russia's central bank tries to reduce the dependence on the US dollar by buying the Chinese Yuan
End of July, Bitcoin.com News reported to create a new reserve currency according to the Russian president Vladimir Putin announced The plan during the Brics summit in June. While the topic was up to date at the time, you stopped talking about the reserve currency Brics for a while. A few months later, in October 2022, the author of the bestseller Rich Dad Dad, Robert Kiyosaki, discussed the topic and found that the US dollar is "toast". Energy prices and raw materials have lost value in the last 30 days, but some economists expect a target = "_ blank" htf = "https://news.bitcoin.com/oil-prices-north-of-per-per-barrel-incS-Oil-to-crush-e devestment-in-2023/" Rel = "noopener"> $ 200 per barrel start Oil prices someday in 2023.
While the energy and raw material values have dropped, the Russian ruble has also fallen against the Greenback. Statistics show that the ruble has lost 16.48 % compared to the US dollar in 30 days, but five-day indicators show that the ruble rose by 1.72 %. Statistics have shown since the beginning of the year that the Russian currency has increased by 5.37 % in the last 12 months. Meanwhile, at the end of December 2022, Reuters Year 2023 Chinese Yuan purchases will be made on the foreign exchange market. Reporter Elena Fabrichnaya said Moscow Step was quoted by two sources and he opened a "new front in an accelerated density course that aims to reduce its dependency on the western financial world".
Sberbank analyst discusses the possibility of a BRICS reserve currency that complements the national currencies
The previous day, December 21, 2022, published Yaroslav Lissovolik, member of the Russian International Affairs Council (RIAC) and head of the analytical department of Sberbank, A blog entry with the title "Exploring the Pathways" on the suggested Brics reserve currency. According to the statements of Russian President Putin at the Brics summit, Lissovolik said that the "BRICS reserve currency has become particularly important in recent months". The analyst explained that there were recently laws and debates on the "expedience of creating a new reserve currency".
lissovolik was most frequently cited Current discussion on the Brics reserve currency at the eighth Brics-Parlatsforum. At the event, the spokeswoman for the Federation Assembly, Valentina Matvienko, suggested that the BRICS legislators should begin with concrete measures to strengthen the countries of the federal states. Matvienko emphasized specific initiatives, including the new international reserve currency and the development of better processing procedures within the BRICS countries. Lissovolik's blog post also also compared the idea of the new Brics Reserve currency with the Valdai Club concept from 2018 r5-currency A name that describes the letter "R" for the five currencies: Real, Rubel, Rupie, Renminbi and Rand.
lissovolik stated that a new Brics reserve currency is not created in order to replace the national reserve currencies used by the individual nations, but to "supplement these national currencies". The Sberbank analyst said that a brand new reserve currency could have a "transforming effect on the international financial system", since it believes that there is a "noticeable lack of reserve currencies" in the global economy.
"It is important that the scope for the use of the new reserve currency in the global economy is considerable in the face of the enormous potential for density," concludes Lissovolik's blog post. "The new BRICS reserve currency can act in accordance with the stronger role of the national BRICS currencies in order to adopt a larger proportion of the entire cake of currency transactions in the global economy."
What do you think of the editorial of the Sberbank analyst over a new Brics reserve currency? Share your thoughts about a potential new Brics reserve currency in the comment area below.
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