The emerging market BRICS countries of Brazil, Russia, India, China and South Africa are trying to attract hangers-on by whipping up talk of a rival to dethrone King Dollar. The defining element for a reserve currency is where it is the second-most used currency for domestic transactions. What is also vital for a reserve currency is its use as a store of value. AdvertisementSouth African Reserve Bank Governor Lesetja Kganyago highlighted last month that any legal BRICS-backed tender would require a single central bank. Some BRICS countries are resource-rich, most resource-poor.

Source: The North Africa Journal June 05, 2023 04:18 UTC