The BRICS Juggernaut

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According to this Reuters article, it sounds like the BRICS currency won't be on the agenda for the meeting. If true, that would be a welcome reprieve, albeit probably temporary. On the BRICS expansion side, they say that Brazil and India would prefer a slower timeline, compared to China and Russia who want a more rapid expansion. We know over 20 countries have already formally applied for BRICS membership (including Saudi Arabia), and dozens more have expressed interest. Anyway, if the timeline for all these changes is fairly slow, the financial markets might just yawn (for now) and concern themselves with other factors this Fall (Fed policy, inflation, economy, banking and commercial real estate problems, etc.)


>>> BRICS leaders meet in South Africa as bloc weighs expansion <<<

Excerpt -Boosting the use of member states' local currencies is also on the agenda. South African summit organisers, however, say there will be no discussions of a BRICS currency, an idea floated by Brazil earlier this year as an alternative to dollar-dependence.

Excerpt - Over 40 countries have expressed interest in joining BRICS, say South African officials. Of them, nearly two dozen have formally asked to be admitted.


https://www.msn.com/en-us/news/world/brics-leaders-meet-in-south-africa-as-bloc-weighs-expansion/ar-AA1fBBVF?OCID=ansmsnnews11




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