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India’s proposal for local currencies link between BRICS members seen as key item for summit

News Snapshot:

New Delhi, Aug 18 India’s proposal to build a digital bridge between the domestic currency payment networks of BRICS member nations has become the most important item on the agenda for the forthcoming summit of the bloc to be held in Delhi, according to an article published by South Africa’s IOL news website.The article highlights that BRICS countries are disproportionately exposed to dollar-denominated energy trade and the US financial infrastructure. When Middle East tensions spike, every BRICS economy feels the shock through higher oil prices, capital outflows and currency depreciation.It points out that Russia faces sanctions that cut it off…

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