BRICS is the hope: Equatoguinean leader backs creation of new BRICS-backed currency that could challenge US dollar and eu

️ ️ ️BRICS is “the hope“: Equatoguinean leader backs creation of new BRICS-backed currency that could challenge US dollar and euro President Teodoro Obiang Nguema Mbasogo expressed strong support for the development of an independent payment system and trade in national currencies spearheaded by BRICS nations. He argued that the current global economic system, with its “unjustified embargoes“ and restrictions, unfairly disadvantages many nations. “I believe that BRICS is the hope of the countries of the Global South that they will reach a [high] economic level in transactions, accelerate trade and economic transactions, transfers, which are very difficult today,“ he told Sputnik Africa on the sidelines of the 7th Russian Energy Week in Moscow. Pointing to the fact that there already is a common BRICS financial institution, the BRICS New Development Bank, the African leader proposed the creation of a “convertible [BRICS] currency of international scale, which can become a counterweig... Source: Sputnik Africa