Will Brics dump the dollar?

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Members of the major emerging national economies group BRICS, with, from left, Prime Minister Narendra Modi, China's president Xi Jinping, South African president Cyril Ramaphosa, Russia's president Vladimir Putin, and Brazil's president Michel Temer at the BRICS summit in Johannesburg. Picture: AP
Members of the major emerging national economies group BRICS, with, from left, Prime Minister Narendra Modi, China's president Xi Jinping, South African president Cyril Ramaphosa, Russia's president Vladimir Putin, and Brazil's president Michel Temer at the BRICS summit in Johannesburg. Picture: AP

BUSINESS

At the 12th Brics Summit on November 17, Russia will promote the development and integration of a Brics national payment system to reduce dependence on the US dollar in international transactions, according to Ashraf Patel, a development and public policy analyst and researcher at the Institute for Global Dialogue.

The Brics grouping comprises Brazil, Russia, India, China and South Africa.

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