Faced with the impact of a strong dollar, many countries are facing tight foreign exchange reserves and are discussing the use of local currencies in transactions to de-dollarize.
Recently, the foreign ministers of the BRICS countries met in Russia to discuss issues including strengthening the use of local currencies in trade and financial transactions between member countries and the need for developed countries to strengthen the transfer of low-cost climate technologies to developing countries.
They pointed out that unilateral practices are affecting the world economy and sustainable development.
They recognized the need for a comprehensive reform of the global financial architecture to enhance the voice of developing countries and their representation in international financial institutions.
According to a joint statement issued after the meeting, "They recalled paragraph 45 of the Johannesburg Declaration II, which instructs the BRICS finance ministers and central bank governors to review the issues of local currencies, payment instruments and platforms and report to the BRICS leaders."
