BRICS Countries Discussing Creation of Single Currency, Russian Ambassador Says

MOSCOW (Sputnik) - Brazil, Russia, India, China and South Africa (BRICS) are discussing the possibility of creating a single currency, Pavel Knyazev, ambassador at large of the Russian Foreign Ministry and sous-sherpa of Russia in BRICS, said on Thursday.

"The possibility and prospects of a common single currency, the BRICS-based accounting currency, is being discussed," Knyazev said during an expert discussion on prospects for the expansion of the BRICS and the Shanghai Cooperation Organization hosted by the Valdai Club.

Previously, Tehran proposed creating a new single currency to facilitate trade between SCO members.

BRICS is an informal association of the world's major developing economies which was formed in 2006 to enhance cooperation between the member nations and elaborate common approaches to global economic challenges.

The countries in the bloc represent around 40 percent of the global population and around a quarter of the global GDP.

About 15 countries have expressed interest in joining the BRICS, according to the official.