Brazilian President Lula da Silva said Wednesday he supports establishing a currency for trade between BRICS countries, a group that includes his nation as well as Russia, India, China and South Africa.
“I am in favor of creating, within the BRICS, a trading currency between our countries, just like the Europeans created the euro,” he said, without providing further details.
Lula added that he would also support a potential shared trading unit for South American nations. This year, he has already suggested creating a common currency for bilateral trade for Brazil and Argentina, which has long suffered from dollar shortages and inflation exceeding 100%.
During his trip to China, Lula also said he wanted developing countries to be less dependent on the US dollar.
Earlier, Russian Foreign Minister Sergey Lavrov said the BRICS nations would discuss creating their own currency at a summit in late August.
