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According to the Deputy Chairman of Russia's Security Council, creating a new reserve currency for the BRICS nations is not discarded.
Russia's Deputy Chairman of the Security Council, Dmitry Medvedev, called on BRICS to turn to new payment methods as Russia looks to overcome global dollarization and cope with the euro's loss of value.
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According to today's trade data, the euro dropped to parity with the dollar before settling at 1.0005 dollars. This figure marks its lowest point registered to date since December 2002.
As for the euro-dollar parity, the Deputy Chairman said in Telegram that "the best protection against the rotting euro will be the transition to new payment methods in trade with our reliable partners, including the use of national currencies," namely the Russian ruble, Chinese yuan, Indian rupee, etc.
He also said that "in the future, it is also possible to establish a new reserve currency for the BRICS countries. The US dollar, euro, and pound sterling are not enough for the modern world."
Dmitry Medvedev wrote on his Telegram account:
— Lenore - LaRouche Four Laws (@Lenoregreetsyou) July 12, 2022
"The best protection against the rotting euro will be the transition to new payment methods in trade with our reliable partners, including through the use of national currencies – the Russian ruble, the Chinese yuan, the Indian rupee
The euro has lost 12 percent of its value against the dollar since the beginning of this year.
Without predicting a drop this fast in July, the markets rated the direction of the euro-dollar to be bearish and forecasted a possible decline below the 1.0000 mark in the short term.
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