Astute businessmen and finance executives would have taken note of four initiatives the leaders of Brics, a grouping of 9 countries, proposed, when they met last week at Kazan, Russia – more trade between the Brics member countries, payments in national currencies of Brics member countries, an electronic platform for settlement of inter-bank transactions and a new currency to facilitate transactions and build up of reserves. They would have perceived such proposals are easy to conceive and talk about rather than made to work in practice.
Brics, originally a grouping of Brazil, Russia, India, China and South Africa, admitted 4
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