BRICS currency was never on the table, says South African finance chief

by MMC
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Suggestions that the BRICS group of emerging powers should establish their own currency to reduce their dependence on the dollar are not being seriously considered and never have been, South Africa’s finance minister has said.

“No one has raised the issue of a BRICS currency, not even in informal meetings,” Enoch Godongwana said Thursday in an interview on the sidelines of the bloc’s annual summit in Johannesburg. “The creation of a common currency presupposes the creation of a central bank, which presupposes the loss of independence in monetary policy, and I don’t think any country is ready for that.”

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