Oleg Sienko: BRICS countries should get off the dollar hook

22 June 2015 (09:42)

UrBC, Yekaterinburg, June 22, 2015. Uralvagonzavod Corporation’s Director-General Oleg Sienko took part in BRICS Business Forum.

According to the corporation’s press service, the businessman said in his report that New Development Bank that is now being established within the BRICS member states should stop using the US dollar as default currency.

‘The bank’s capital assets are currently kept in US dollars. There will come a day when we’ll have to get off this hook and protect our resources, evaluate our efforts for their worth, and grow independent from this or that political status quo on the world arena. If we are to achieve something and to ensure economic development, we need to switch to reciprocal payments and build reserves in the currency that allows for free exchange and transportation of goods and raw materials,’ Sienko said.

Sienko also took part in a round table discussion on Russian-Indian mutual investment opportunities, where he once again touched upon the need to create a single currency for the BRICS countries.

‘I am calling upon my Indian partners to start using national currency for transactions between the BRICS countries. I’m not sure what this currency could be named, it could be BRICS or something else, but, trust me, this will help us acquire independence and make a great leap to stronger partnerships,’ he said.

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