BRICS could offer alternative if dollar collapses: Russia’s IMF Director

May 3, 2024 : BRICS countries could provide an alternative to the US dollar if the international monetary system collapses, International Monetary Fund (IMF) Executive Director for Russia Aleksei Mozhin told Sputnik.
“A lot is being written about the shortcomings of the current system. Moreover, many publications mention BRICS in the context that this association can offer an alternative,” Mozhin said.
BRICS countries could create a unit of account that would be built on a basket of currencies of the five member countries of the group, including the Brazilian real, the Russian ruble, the Indian rupee, the Chinese yuan, and the South African rand, according to Mozhin.
“This proposal is being discussed. In case the US dollar and international monetary system collapse, there will be a need to turn this unit of account into a real currency backed by commodities,” the Russian representative said.