https://www.globaltimes.cn/page/202404/1311365.shtml
BRICS pushing for common currency, in bid to reduce reliance on US dollar: South African envoy.
Regarding the
BRICS currency, the taskforce formed by the financial ministers of the member states will have a meeting in May to move corresponding discussions forward, with a focus on key issues including promoting greater stability of international monetary and financial systems, the South African envoy said.
The BRICS New Development Bank (NDB) was created in mid-2014 by the governments of Brazil, Russia, India, China and South Africa. It will have a fairly large capital contribution – initially of US$ 50 billion – from BRICS countries and can grow up to $100 billion with contributions from other countries.
The five BRICS members are likely to each contribute US$2 billion initially to the new bank's capital or US$10 billion in all, which will be supplemented by US$40 billion of contingent capital or guarantees from shareholders, making US$50 billion. This could be doubled over time.
New members must contribute to the BRICS Bank too. Not a free ride la..