BRICS working on new global reserve currency

The BRICS countries – Brazil, Russia, India, China, and South Africa – are currently working on creating a new global reserve currency. Speaking at the BRICS Business Forum, Russian President Vladimir Putin announced the initiative. “The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out,” he said. Facing sanctions, Russia urges the BRICS countries to join the financial messaging system of the Bank of Russia. The system was introduced as an alternative to SWIFT. Notably, several Russian banks were cut from using it. According to the Russian leader, the MIR card is gradually gaining recognition in foreign countries. Their use abroad has become crucial for Russians because of the international Visa and MasterCard payment systems leaving the country. However, foreign banks began to charge a fee for transactions with Russian MIR cards. For example, Belarusbank, the largest state bank in Belarus, introduced commissions and limits for MIR-based transactions in June.