A mechanism to reduce transaction costs and boost bilateral trade is being implemented by BRICS countries. They plan to trade in local currencies. This approach is expected to simplify transactions between the countries.
Further details about the plan are available from the source. The decision is seen as a way to facilitate trade and reduce costs associated with using other currencies.
More information can be found in the original post on Premium Times Nigeria, which discusses the benefits of local currency settlement for BRICS countries.
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