BRICS looking to commit further and expand their family after having gone steady for some time. Not only expansion, it is also toying with the idea of some sort of exchange system beyond the US dollar. It is not, though, that the BRICS declared so much of this in their latest meeting. The BRICS president had said in the recent meeting that she expects Turkey, Egypt and Saudi Arabia to join the group “very soon”. (read more) And as for a new exchange system, Putin himself proposed creation of an “international reserve currency based on the basket of currencies of our [BRICS] countries”..and that “the member states are also developing reliable alternative mechanisms for international payments.” (read here) Putin must have been emboldened because of the fact that the Ruble managed to hold off successfully the Western sanctions after Ukraine war. And also that Russian #oil found other routes and managed to keep flowing. And the fact that India could not be pressured to refrain from buyin...
Pakistan Investment Landscape | Markets | Securities