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Wednesday, March 14, 2012

BRICS members mull future of the US dollar

Russian experts have hailed the decision by BRICS countries to replace the US dollar by own currencies in mutual credit lines.

An agreement to this effect is expected to be signed during a BRICS summit which is due to be held in New Delhi on March 29. Experts say that this agreement will mark an important stage in the development of the organisation which brings together Brazil, Russia, India, China and South Africa.

The proposal to move away from the use of the dollar had come from China, which is currently the world’s largest holder of dollar-denominated assets. Beijing has repeatedly declared its desire to reduce the risks associated with the current economic woes in the United States. With the US’ state debt already exceeding 15 trillion dollars, Beijing’s stance on the matter is understandable and consistent, Moscow-based economics expert Alexander Osin said in an interview with the Voice of Russia aired on Tuesday. Read More