The summit of the BRICS group is being held in Johannesburg.
Johannesburg:
There is no hope of consensus among the delegates gathered to attend the Johannesburg conference on the possibility of a common currency for the BRICS group of member states. The BRICS currency came up for discussion during business representatives’ discussions on the sidelines of the BRICS summit hosted by South Africa, but the issue has not yet been mentioned by any member country leader.
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Addressing business representatives from member countries, Standard Bank Group Chief Executive Sim Tshabala said, “The BRICS Business Forum discussed in detail the international payment system. Participants debated whether or not it was possible for the BRICS to have a single currency. Both its pros and cons were discussed and no consensus could be reached.
Presenting the BRICS Business Council Forum report, Tshabala said, ‘From Africa’s point of view, it is important to discuss a pan-African payment and settlement system because it has unlimited potential to boost trade and growth. However, as a banker, there should have been more discussion about the reserve currency along with the payment system.
He said, ‘There should be a realistic view of the essential features of an international reserve currency. One of these is that the currency should be issued by a central bank that has high credibility in implementing monetary policy. It should be readily available in large quantities in many places and always fully converted. The summit of the BRICS group is being held in Johannesburg with the participation of Brazil, Russia, India, China and South Africa.