Finance Minister Enoch Godongwana says South Africa has no aspirations of toppling the US Dollar amid calls for de-dollarisation.
Godongwana made the comments after the country hosted the 15th BRICS (Brazil, Russia, India, China, South Africa) Summit in Sandton on Thursday.
The five emerging economies met over three days to talk shop.
This includes plans for the bloc to counterbalance the dominance of Western nations in global economics and politics.
BRICS has agreed that it wants to water down its reliance of the greenback dollar in trade relations between the member states.
The bloc also wants to reform international payment systems.
At the closing of the mega economic summit – the emerging economies announced that its finance ministries and central banks had been tasked with addressing the issue.
But South Africa’s finance minister said calls to strengthen trade in local currencies doesn’t mean completely sidelining the dollar and swift as a payment system.
“If we are trading amongst ourselves, then we need to be able to use our own currencies in paying each other. It’s an important decision, but it’s also a technical challenge because it means if I’m going to pay you in your own currency, I must have sufficient reserves in my own country. Those are technicalities the central banks will have to deal with.”
Calls for de-dollarisation have been heavily backed by Russia in the wake of economic sanctions for its war against Ukraine.
-EWN
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And now they have been left confused after Maweni shared photos and videos from her Durban getaway which show a waiter pouring glasses of Veuve Cliqout champagne for her and her husband. Read More
