Tuesday, August 29, 2023

BRICS Summit Ends With No Common Currency Agreement

Click here to read the original Cautious Optimism Facebook post with comments

A BRICS Summit update from the Cautious Optimism Correspondent for Economic Affairs and Other Egghead Stuff.

Maybe they'll come closer to a common currency agreement next year. However, having also invited Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and particularly monetary basket case du jour Argentina to join the bloc they may find it even more difficult to build consensus on a common reserve currency with more members. The Eurozone has for over a decade regretted admitting Greece along its original "more the merrier" strategy.

ps. If frontrunner candidate Javier Milei wins the Argentinian presidential election you can bet your bottom dollar Argentina will decline joining as he has already announced his intention to dump the peso and adopt the U.S. dollar as Argentina's domestic currency.

Read more at Yahoo's "The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.