Zimbabwe Expresses Interest in Joining BRICS

Flags of current Brics member countries Brazil, India, China, Russia and South Africa (file photo).

ZIMBABWE is among the countries that have indicated interest in adopting the expected BRICS currency, in a move market watchers believe is meant to broaden the basket for locals.

BRICS is an acronym for the powerful grouping of the world's leading emerging market economies, Brazil, Russia, India, China and South Africa. The BRICS mechanism aims to promote peace, security, development and cooperation.

Plans by the community to replace the US$ in international trade are set to reach a new high when discussions on the feasibility of introducing a common currency take place at a summit to be held in South Africa later this year.

However, indications are that already, more countries are registering interest to join the BRICS, an economic alliance and accept a new currency.

South Africa's representative to BRICS, Ambassador Anil Sooklal has hinted that the grouping is set to grow bigger this year with more than 30 countries having formally and informally applied to join the alliance.

The latest report indicates that the countries ready to join the BRICS alliance are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.

The development will come as a blow to the United States of America and other Western nations, which will see their GDPs dwindle to that of the BRICS.

Market watchers believe the move by Zimbabwe is aimed at neutralising an insatiable appetite for the US$ among its citizens, a development which authorities blame for continued economic shocks.

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