BRICS leaders push faster, cheaper cross-border payments, deeper use of local currencies - The Economic Times
BRICS leaders push faster, cheaper cross-border payments, deeper use of local currencies - The Economic Times
Source: The Economic Times
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DW NOTE
BRICS economies want cheaper cross-border rails because the dollar system makes them pay for the privilege of American monetary indiscipline. When you're running a $1.9 trillion deficit and your central bank holds rates at 3.65% while oil sits at $99.76, the seigniorage flows one direction. Local currency settlement isn't about efficiency — it's about not funding someone else's fiscal incontinence.