Astana: The leaders of Brazil, Russia, India and China, clubbed as the Bric nations, did not discuss buying each other’s bonds during a summit, Brazilian President Luiz Inacio Lula da Silva said on Tuesday.
We didn’t discuss that when meeting yesterday (on Tuesday) in the Russian city of Yekaterinburg, he told reporters through a translator in the Kazakh capital Astana on Tuesday.
While calling for a more diversified global monetary system, the leaders of Bric—Brazil, Russia, India and China—countries didn’t announce a common policy on how to flex their $2.8 trillion (Rs134.1 trillion) in reserves. Russian President Dmitry Medvedev’s top economic adviser, Arkady Dvorkovich, said the leaders planned to discuss buying each other’s bonds in a bid to promote regional currencies and reduce dependence on the dollar.
Lula said the leaders spoke about steps to use currencies other than the dollar and cited trade deals between Brazil and Argentina that are settled in each other’s currencies as a possible route.
This could be a good beginning, he said. It’s not a discussion that takes one day. It will take years to discuss it.