South Africa has denied reports that the BRICS economic grou...

South Africa denied reports about the BRICS economic group of Brazil, Russia, India, China, and South Africa planning to establish their own currencies.

Trump called on the BRICS countries to avoid using alternative currencies.

Dismissing the 100% tariff threat from US President-elect Donald Trump, South Africa refuted false reports of the BRICS economic group planning to create their own currency. The Department of International Relations and Cooperation (DIRCO) condemned the 'recent misinformation' that fueled claims of the BRICS Alliance wanting to replace the dollar as the primary trade currency among member countries.

Previously, Trump posted on social media platform X, warning BRICS member countries not to attempt creating competition for the US dollar. In the post, Trump, set to take office on January 20, 2025, demanded a commitment from BRICS countries that they would neither create a new currency "nor support any other currency to replace the powerful dollar".

In addition to the threat of 100% tariffs, Trump also warned the BRICS member countries that they would lose the opportunity to enter the usa market. However, the South African government refuted Trump's statement, insisting that the discussions within the BRICS focused on using their own currencies for trade between member countries.

The department stated: "South Africa supports using its own currency more in international trade and financial transactions to mitigate the impact of forex volatility, rather than focusing on de-dollarization."

The department also added that strengthening agent banks' networks and developing national currency settlement infrastructure would help advance this goal.