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New currency for South Africa, Russia and China bites the dust

The article from BusinessTech discusses the failure of a proposed new currency initiative involving South Africa, Russia, and China. The idea was floated during the 15th BRICS summit in Johannesburg, where the concept of a common currency for the BRICS countries (Brazil, Russia, India, China, and South Africa) was considered as a means to reduce reliance on the US dollar. However, the proposal has encountered significant hurdles, including geopolitical tensions, economic disparities among the member countries, and the complexities of aligning monetary policies. The article highlights skepticism from financial experts about the feasibility of such a currency, pointing out the lack of economic integration and trust necessary for a shared currency. Furthermore, the ongoing war in Ukraine has complicated Russia's international financial relations, making the prospect of a new currency even more challenging. The initiative has essentially "bitten the dust," with no concrete steps forward being taken, leaving the idea in the realm of speculation rather than practical implementation.

Read the Full businesstech.co.za Article at:
[ https://businesstech.co.za/news/government/803267/new-currency-for-south-africa-russia-and-china-bites-the-dust/ ]