BRICS summit in S. Africa unlikely to make decision on common currency - Peskov

MOSCOW. Aug 3 (Interfax) - Experts are discussing the possibility of a common currency to be used by BRICS members for mutual settlements, but one can hardly expect any decisions to be made to this end at the upcoming South African summit, Kremlin spokesman Dmitry Peskov said.

"The process of de-dollarization of the global economy continues inexorably. Many countries are gravitating towards using national currencies in mutual settlements, and expert discussions are also naturally being held on the possibility, expediency and feasibility of plans to introduce a national currency of some kind for integration processes," Pskov told reporters. He was asked whether the Brazilian president's suggestion of a common currency for BRICS trade was being considered.

This is a matter of discussion for now, Peskov said. "Obviously, it will take time and is hardly achievable in the near future, but the use of national currencies has become a reality, and this reality is growing on a global scale," he said.

Not just countries under sanctions, but also those that are free from such restrictions but understand the benefits are using national currencies for settlements, Peskov said.

Reporters asked whether Peskov meant that the BRICS summit in South Africa was not planning to make a final decision on establishing a common currency. "No, this can hardly be done. However, this does not mean that discussing the issue is unnecessary. Clearly, such discussions will continue," he said.