Brazil’s President proposes to abandon US Dollar in world trade

Brazilian President Luiz Inacio Lula da Silva once again called for the creation of an alternative currency to the US Dollar for settlements, RIA Novosti reports

photo: www.reuters.com

During his speech at the inauguration ceremony of the new head of the BRICS Development Bank, Dilma Rousseff, Lula da Silva asked, “Why can’t a bank like BRICS have a currency that can finance trade between Brazil and China, between Brazil and other BRICS countries?”

According to him, the whole world should not depend on a single currency. The President of Brazil added that states can use their national currencies for settlements.