BRIC Nations Consider Alternative Currency to Dollar

The leaders of the world's biggest emerging markets may discuss the idea of a supranational currency this month when they meet for a summit in Russia, President Dmitry Medvedev's spokeswoman said on Tuesday.

"I do not exclude that the Russian president's idea about the creation of a supranational currency and the rouble as a (world) reserve currency will be discussed," Medvedev's spokeswoman, Natalya Timakova, told reporters.

When asked if the summit would include a discussion of ways to reduce dependence on the dollar, she said: "If one of the (BRIC) participants raises this question then I do not exclude it" (a discussion).

Russia has proposed the creation of a new world reserve currency that would be issued by international financial institutions to reduce reliance on the U.S. dollar.

The leaders of Brazil, Russia, India and China, known by the BRIC acronym, are due to meet in the Russian city of Yekaterinburg on June 16 for the first summit since the international downturn struck their economies, which had driven global growth.

Source : http://www.cnbc.com/id/31061545