BRICS+ PAYMENTS SYSTEM FEASIBLE, COMMON CURRENCY FACES HURDLES, REPORT SAYS

BRICS+ countries should press ahead with a joint cross-border payments mechanism to reduce reliance on the US dollar, but a shared currency would face major economic ​and institutional obstacles, a think tank report said on Friday.

The paper, published ‌by non-profit policy platform BRICS+ Thinking, urged the expanded grouping of major emerging economies led by Brazil, Russia, India, China and South Africa to commit to such a mechanism and take the steps ​needed to make it work.

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