Creating BRICS Common Currency Difficult but Not Impossible: Ex-CBI Chief
TEHRAN (Tasnim) – A one-time governor of the Central Bank of Iran (CBI) said the idea of creating a common exchange rate within the BRICS group of emerging economies is a difficult task, but not impossible.
Tahmasb Mazaheri said on Friday that the BRICS members should define a common exchange rate among themselves.
“Although the launch of a common currency among these countries is difficult but it is not impossible in the long run,” he added.
Presently, the number of BRICS group of emerging economies is increasing and many countries in the world have voiced readiness to join the group, Mazaheri noted.
The achievement of multilateral agreements and formation of unions among various countries convey two important messages, he stated, saying they will facilitate the trade and economic relations in the world and consequently, the bilateral relations will be strengthened.
The Iranian economist went on to say that the BRICS members can also use their local currencies instead of dollar and euro.