The global economy is undergoing a major shift as the BRICS countries including Brazil, Russia, India, China and South Africa consider introducing new gold-backed currencies.

The global economy is undergoing a major shift as the BRICS countries including Brazil, Russia, India, China and South Africa consider introducing new gold-backed currencies. The decision, scheduled for discussion at the upcoming Johannesburg meeting, comes amid growing interest from many countries in joining the BRICS alliance.

The foreign minister of the group has sought expert advice from a well-known bank on what is good for their investment. Foreign currencies have been in the news even as talks aimed at curbing U.S. influence have not yet concluded.

Russian Deputy Foreign Minister Sergei Ryabkov encouraged an open dialogue on BRICS expansion, which saw great interest from the Arab and Asia-Pacific regions. To this end, South African Foreign Minister Naledi Pandol emphasized the need for BRICS members to avoid economic losses caused by sanctions.

Notably, the foreign ministers of Iran and Saudi Arabia participated in the talks, and Algeria stated that it will join the BRICS in 2023.

What do you think?