Internationalization of the Currencies of BRICS Countries

The ongoing large-scale transformation of the global economy, caused primarily by the economic recovery of the leading developing countries, forms a multipolar map of the world with new centers of power—the BRICS countries (Brazil, Russia, India, China, and South Africa). Thanks to their increased industrial and financial power, these countries are among the key players in the international markets for goods, services, and capital, exerting a significant, and sometimes decisive, impact on their functioning. However, it would be premature to say that in the coming years the representatives of this association will be able to achieve a balance of power in monetary and credit relations with the United States and the European Union, overcoming their long-term dominance in world finance. Achieving such a balance will become possible only as the monetary units of the BRICS countries turn into influential reserve assets that can squeeze the US dollar and euro in servicing world economic relations and create large international financial centers in them that can compete on equal terms with London or New York.