photo: fileAmidst the current global economic competition, there are talks within the Russia-led political bloc about introducing a new international currency called BRIC. The aim is to decrease the influence of the United States in the global trade market by de-dollarising it. According to an expert, Pakistan is currently facing a severe balance of payments crisis, with a history of mostly being in deficit. “Pakistan will first need to build up its foreign exchange reserves before joining BRICS, as it would require a foreign currency (such as the US dollar) to purchase BRIC for global trade,” he said. The BRICS group is scheduled to meet in Durban, South Africa, in August for the 15th BRICS Summit.

Source: The Express Tribune April 26, 2023 13:12 UTC