Medvedev calls for new payment methods among the BRICS

By Al Mayadeen English
Source: Agencies
12 Jul 2022 18:26
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Russia seeks to overcome the global dollarization and face the loss of value in the Euro by switching to new payment methods amongst the BRICS nations.

Deputy chair of Russia's Security Council Dmitry Medvedev

Deputy chair of Russia's Security Council, Dmitry Medvedev requested, on Tuesday, that the BRICS switch to new payment methods, including the use of national currencies. The deputy did not rule out the creation of a new reserve currency for the BRICS states.

Earlier in the day, trading data reported that the euro fell to parity with the dollar, before settling at $1.0005, the lowest point ever recorded since December 2002.

Since the start of this year, the euro recorded a loss of 12% of its value against the dollar. Markets did not anticipate such a rapid fall in July, labeling the direction of EU/USD as bearish and predicting it could fall below the 1.0000 mark in the near term.

Medvedev commented on the euro-USD parity via his Telegram channel "The best protection against the falling euro will be the transition to new payment methods in trade with our reliable partners, including the use of national currencies, such as the Russian ruble, Chinese yuan, Indian rupee, etc. In the future, it is also possible to establish a new reserve currency for the BRICS countries. The US dollar, euro, and pound sterling are not enough for the modern world."