BRICS Gold-Backed Currency Will Benefit Iran, Weaken US Dollar, Iranian Official Says

An Iranian official has said that Iran stands to learn from a gold-backed widespread BRICS forex. The official additional asserted that such a BRICS forex would erode the U.S. greenback’s dominance and end in elevated wealth for Iranians holding gold. “A tremendous change is taking place in the international economy,” the official confused.

Iran Will Benefit From Gold-Backed BRICS Currency, Official Says

Rasoul Mousavi, Assistant Foreign Minister and Director General of the South Asia Department of the Iran’s Ministry of Foreign Affairs, said Sunday {that a} widespread BRICS forex backed by gold will profit Iran and weaken the U.S. greenback, Press TV reported. The BRICS includes Brazil, Russia, India, China, and South Africa.

The Iranian official’s remarks adopted a report final week by Russian information outlet RT claiming that Russia has confirmed the creation of a gold-backed widespread forex throughout the BRICS framework. According to RT, this announcement is predicted to be formally made throughout the upcoming leaders summit of the financial bloc scheduled for August.

“A tremendous change is taking place in the international economy,” Mousavi was quoted as saying. The official elaborated:

The BRICS’ introduction of a gold-backed forex, which is supported by 41 nations with massive and influential economies, will weaken the greenback and the euro and can profit nations akin to Iran, whereas Iranians in possession of gold will expertise a wealth improve.

While Mousavi believes {that a} widespread BRICS forex backed by gold would profit Iran and erode the dominance of the U.S. greenback, the financial bloc has not formally introduced any plans to create such a forex.

Last week, Leslie Maasdorp, vice chairman and chief monetary officer of New Development Bank, often known as the BRICS Bank, said that the creation of BRICS forex as an alternative choice to the U.S. greenback is a medium to long-term aspiration.

Nonetheless, there’s a prevailing perception that the institution of a profitable BRICS forex will diminish the dominance of the U.S. greenback. The BRICS financial bloc can also be increasing its affect and is contemplating including extra members.

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