Chris Ogden
BRICS presents an alternative to the Western-led neoliberal order. Image: X Screengrab
At a major summit in Russia last year, a banknote was unveiled that carried more symbolism than monetary value.
It hinted at the growing ambitions of BRICS+ – a group of emerging economies anchored by Brazil, Russia, India, China and South Africa – to develop alternatives to the existing global financial system.
The banknote itself, ringed with national flags and multilingual text, was dubbed an R5: acknowledging the ruble, real, rupee, renminbi and rand of the bloc’s core members.
Now, there are moves to turn that symbolism into something more concrete. This December, speculation increased around plans for a new BRICS+ currency and payment system known as
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