BRICS can only start currency reform — Russian Executive Director in IMF

2023-03-17 / Новости

WASHINGTON, March 16. /TASS/. BRICS member-countries are the only ones capable to initiate the required process of reforming the international monetary system, Russian Executive Director of IMF Aleksey Mozhin told TASS in an interview.

The world existing before the start of the special military operation in Ukraine will not return anymore, Mozhin said. "It is difficult to say now what new world will be. We are at the initial phase of its buildup," the Director said. One of the critical issues is "to reform the international monetary system based on the dollar hegemony," Mozhin noted. "It cannot continue anymore, especially after Americans started openly using the dollar as a weapon," he stressed.

"The US as the main stockholder of the Fund has absolutely no desire to discuss reforming of the current international monetary system, its downsides, and prevent such attempts," Mozhin said. "Who can lead this long mature and absolute needed process of reforming this international monetary system? It seems to me that nobody, except BRICS countries, can merely assume this paramount task. Important, proper steps in this direction are being made already; the transition to trading in national currencies is taking place," he added.