Russian foreign minister said the decision would have a healing effect on the global economy

Russian Foreign Minister, Sergei Lavrov quoted the Brazilian President, Luiz Inacio Lula da Silva as saying the shift to settlements between countries in national currencies would have a "healing effect" on international trade.

The Russian diplomat said an agreement "will be worked out" to discuss the issue at the next BRICS summit to be held from 22 to 24 August in South Africa, the country that forms the economic bloc along with four other nations: Brazil, Russia, India and China.

"This is an objective process, it will gain momentum and we believe it will have a healing effect on the world economy, international trade, economic and investment ties," said Lavrov to reporters during his visit to Kenya.

"President Lula on his own has already presented his idea that one of the priorities is the development of payment mechanisms that are not dependent on the dollar and the euro," he added.

President Lula said on Monday 29 May that he was in favour of a common currency for BRICS member countries and said that many states needed to have more independence from the dollar. Venezuelan President Nicolas Maduro, on a visit to Brazil, defended his country's entry into the BRICS economic bloc.

The foreign minister said that Lula's proposal to create a payment method independent of the dollar would be worked out with the help of the BRICS Bank, whose chairman is Dilma Rousseff, as reported by Brasil 247, a partner of TV BRICS.

Photo: Flickr