BRICS: 22 Countries Open Special Bank Accounts to Trade in Rupee, Sideline US Dollar
India USA Flags BRICS Currency GDP Economy
Source: istockphoto.com
A total of 22 countries have now opened bank accounts and will begin to settle global trade in the INR. The 22 countries are Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.
Also Read: U.S. Economy To Reach Hyperinflation if BRICS Becomes Global Currency
India’s Union Minister of State Rajkumar Ranjan Singh said in a statement that the government has simplified the payment process. He said,
“Government is engaged with the Indian trading community including the Small and Medium Enterprises (SMEs) to simplify the administrative procedures to implement this mechanism.”
Additionally, the development will bolster the usage of the Indian Rupee allowing the currency to strengthen on the international stage. Also, the U.S. dollar will be sidelined in all these transactions giving the BRICS nation a boost in the arm.
Also Read: 44 Countries Ready To Join the BRICS Alliance
BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The next BRICS summit will be held in Johannesburg, South Africa in August. Moreover, the decision to launch a new BRICS currency to challenge the U.S. dollar has been stalled, confirmed Ambassador Anil Sooklal.