In this week’s round-up:
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BRICS’s new gold settlement architecture is being built, but won’t be needed
- Putin’s absence at G20 could spell danger for South Africa
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BRICS‑backed payments network now spans 185 countries
- Pakistan seeks China’s backing for New Development Bank membership
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UAE’s BRICS leadership: A tale of digital transformation and global influence
Putin’s absence at G20 could spell danger for South Africa inside BRICS
For the second time in quick succession, Russian President Vladimir Putin will be unable to attend a very important gathering on South African soil. Dubbed the G20 Johannesburg Summit, it will be the 20th meeting of the Group of 20 (G20), the first to be held not only in South Africa, but on the African continent as a whole.
BRICS‑backed payments network now spans 185 countries
The BRICS-linked Cross-Border Interbank Payments System (CIPS) has expanded across 185 countries, allowing international payments in Chinese yuan without using the U.S. dollar, according to data from the New Development Bank (NDB).
BRICS’s new gold settlement architecture is being built, but won’t be needed
BRICS is now a consortium of ten countries, with 22 more countries in the application stages, led by Russia, China, and India. Events since 2022 have lit a fire under the BRICS members to establish a new global financial and currency architecture that is wholly independent of the U.S. dollar system, which has been the main focus since the Bretton Woods Agreement of 1944.
UAE’s BRICS leadership: A tale of digital transformation and global influence
UAE’s systematic economic diversification and forward-thinking strategy to position digital transformation as the foundation for a positive momentum in the national economy has made it one of the most prosperous economies in the world.
Pakistan seeks China’s backing for New Development Bank membership
Pakistan has approached China to secure its membership in the BRICS-backed New Development Bank (NDB), aiming to diversify its credit sources amid ongoing economic challenges, Nikkei Asia reports.
