BRICS Currency (Common currency of the BRICS group: Brazil, Russia, India, China and South Africa) Advantages of this currency may include:
1. Reduced dependence on the US dollar• Reduced risk from US monetary policy affecting the currencies of BRICS countries• Allowing intra-BRICS trade to use a more stable currency2. Strengthening the BRICS economy• Increased bargaining power on the world stage• Facilitating trade among member countries by reducing the cost of currency exchange3. Economic stability• If designed with assets backing such as gold or commodities, it will reduce currency volatility4. Reduced risk of economic sanctions• BRICS members can transact with each other without using Western-controlled financial systems such as SWIFT
Founding and Growth (1995-2016)
Promsvyazbank (PSB) was founded in 1995 by Russian businessmen brothers Dmitry and Alexey Ananyev. Initially, the bank focused on providing loans and financial products to small and medium-sized enterprises (SMEs) and retail customers.
• In the early 2000s, the bank grew rapidly, receiving investments from Germany's Commerzbank and the European Development Bank (EBRD).
• By 2016, PSB was one of the 10 largest banks in Russia, with total assets of more than 1.2 trillion rubles.
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