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The Expediency of Creating a Supranational Currency within the Framework of the SCO and BRICS International Organizations Under the Influence of Trade and Sanctions Restrictions
 
PIIS013128120024357-3-1
DOI10.31857/S013128120024357-3
Publication type Article
Status Published
Authors
Nikita Stepanov 
Occupation: Senior Researcher at the Center for Institutes of Socio-Economic Development
Affiliation: Institute of Economics of the Russian Academy of Sciences
Address: 32, Nakhimovsky prospect, Moscow, 117997, Russian Federation
Journal nameProblemy Dalnego Vostoka
EditionIssue 1
Pages53-62
Abstract

The research consists in substantiating the significance and potential of the grouping of the SCO and BRICS countries; determining the conditions for the possibility of creating a supranational currency within the framework of the SCO and BRICS international organizations under the influence of trade and sanctions restrictions; formulating the advantages and disadvantages of several areas of transformation of the global financial system. The BRICS countries account for more than 40% of the world's population and almost 30% of global GDP, and they have high potential in all spheres of economic activity. At the same time, the dominance of the dollar allows the American economy to influence the world with its monetary policy, strengthens the US position in the global economy.

Turbulence in the international arena is increasingly pushing the countries of the SCO and BRICS international organizations to take steps to strengthen their positions in the world, including the possible admission of new members and an increase in trading volumes of their national currencies. It is shown that the increasing turbulence, the questions arising in many countries regarding the freezing of foreign exchange reserves of the state and the procedure for the confiscation of the property of Russian oligarchs, the measures of central banks of different countries to diversify their reserves into currencies such as the yuan indicate that the dominance of the dollar may end not the main competitors of the dollar, but a large group of alternative currencies.

 

It is proved that since the dollar and the euro rely on a huge amount of printed money and do not have a solid foundation behind them, the BRICS currency can be based on real goods traded on exchanges: oil, precious metals, wheat, rice, coffee and much more. Since the BRICS countries are major suppliers of the stock market, therefore, the diverse composition of the BRICS countries' exports gives them the opportunity to complement each other, which confirms the feasibility of creating a supranational currency within the framework of the SCO and BRICS international organizations.

KeywordsBRICS, de-dollarization, monetary policy, gold and foreign exchange reserves, China, international trade, world financial system, national currency, Russia, SCO, digital ruble, yuan
Received12.12.2022
Publication date17.03.2023
Number of characters23600
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