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The BRICS Initiatives Towards a New Financial Architecture: An Assessment with Some Proposals

Sunanda Sen

RIS-DP # 205, October 2016

We draw attention , in the following pages, to the recent movesby the BRICS countries to trade in local currencies by using swaps and other bilateral payments arrangements. Subject to the scale of such transactions, such practices may change the prevailing pattern of external payments and its settlements in the world economy while changing the status of the US dollar as an unit of account in trade and payments. For BRICS nations the practice would also help to mitigate the tendencies of vulnerability as arise from their transactions in dollar-dominated global finance.
Courtesy: RIS
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