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Explained | The BRICS common currency push

Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription The View From India Looking at World Affairs from the Indian perspective. First Day First Show News and reviews from the world of cinema and streaming. Today's Cache Your download of the top 5 technology stories of the day. Science For […]

By deepak · August 9, 2026 · 2 min read

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File photo: China’s Vice Foreign Minister Ma Zhaoxu, Brazil’s Foreign Minister Mauro Vieira, South Africa’s Foreign Minister Naledi Pandor, Russia’s Foreign Minister Sergei Lavrov and India’s Foreign Minister Subrahmanyam Jaishankar attend a BRICS foreign ministers’ meeting in Cape Town, South Africa, on June 1, 2023.
| Photo Credit: Reuters

The story so far: In a bid to deepen ties in Asia and Africa, the heads of the BRICS nations (Brazil, Russia, India, China, and South Africa) are scheduled to meet in Cape Town, South Africa on August 22-24 this year. The bloc, which is seen as a counter to the G7, is also mulling expansion.

The BRICS nations’ foreign ministers met in Cape Town on June 2, 2023, to strengthen the bloc’s influence globally. Expansion was on agenda as ministers from Algeria, Argentina, Iran, Saudi Arabia, the United Arab Emirates, Egypt, and Kazakhstan were also present.

In a post-meeting statement, South Africa’s foreign minister Naledi Pandor said that Shanghai-based New Development Bank (NDB) had briefed the BRICS minsters about potentially using alternative currencies to ensure the bloc does not become victim to sanctions which affect countries not involved in the original issue.

External Affairs Minister S. Jaishankar with his counterparts from Brazil, Russia, China and South Africa after a meeting of BRICS Foreign Ministers, in Cape Town, South Africa, Thursday, June 1, 2023.
| Photo Credit:
PTI

Source: Read the original article on www.thehindu.com