Putin says development of reserve currency under auspices of BRICS being considered
MOSCOW. June 22 (Interfax) - The question of creating an international reserve currency based on a basket of currencies of the BRICS countries is being considered, Russian President Vladimir Putin said on Wednesday in his greetings to participants of the BRICS business forum.
"The creation of an international reserve currency based on a basket of currencies of our countries is being elaborated on," Putin said.
In addition, Putin noted that the development of reliable alternative mechanisms for international settlements is being drawn up together with BRICS partners.
"Russia's financial messaging system is open for the connection of banks of the five countries. The geography of Russia's Mir payment system is being expanded," the Russian president said.
Putin said that Russia is taking comprehensive measures aimed at reducing the negative impact of sanctions and strengthening trade and investment ties with all interested states.
"Our macroeconomic policy is actually demonstrating its effectiveness. We were able to protect the Russian financial system, begin to stabilize the situation in industry, providing targeted social support to citizens," Putin said.
He also pointed to the fact that Russian authorities are focused on stimulating private initiative. "We are striving to expand entrepreneurial freedoms, for which we are reducing administrative burdens, launching new preferential lending programs, and introducing tax and customs exemptions," the president said.