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. Last Updated: 07/27/2016

Kremlin Says Currencies Not On the Agenda

The leaders of Brazil, Russia, India and China do not intend to discuss new global reserve currencies at their first summit in Yekaterinburg, Kremlin aide Sergei Prikhodko said Sunday.

"We will hardly be discussing the new reserve currencies," Prikhodko told reporters. "As far as practical issues are concerned, we will speak more about the possible ways to reform international financial institutions."

The countries are trying to strengthen their clout as the producers of 15 percent of global output by building up their BRIC grouping into a powerful world player.

Russian leaders have called for the world to become less dependent on the dollar and suggested that the yuan and the ruble could become reserve currencies in the future.

Concerns that the dollar's role as the dominant reserve currency has contributed to global financial instability has been discussed by BRIC's top security officials, who met in Moscow last month to prepare the summit.

Finance Minister Alexei Kudrin said Saturday that Russia had full confidence in the dollar and no immediate plans to switch to a new reserve currency, a departure from the Kremlin's recent disdain for the dollar.

"It's too early to speak of an alternative" to the dollar, Kudrin said in a television interview after meeting with other G8 finance chiefs. The fundamentals of the dollar are still in "good shape," he said.

(Reuters, Bloomberg)