According to the Russian president, it will be based on a currency basket of the group of five countries.

The BRICS nations—Brazil, Russia, India, China, and South Africa—are presently trying to establish a new global reserve currency, according to President Vladimir Putin on Wednesday.

It is being discussed whether to establish a global reserve currency based on a basket of the currencies of our nations, he said at the BRICS business meeting.

The member states are creating trustworthy substitute systems for international payments, the Russian president said.

The group had before stated that it was seeking to create a shared payment network to reduce dependency on the Western banking system. Additionally, the BRICS nations have increased the use of domestic currencies in cross-border trade.

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