South Africa's Department of International Relations and Cooperation (DIRCO) has denied reports that the BRICS (Brazil, Russia, India, China, and South Africa) is working on a new currency to compete against the US dollar. DIRCO clarified that the discussions within BRICS focus on trading among member countries using their own national currencies. South Africa supports the increased use of national currencies in international trade and financial transactions to mitigate foreign exchange fluctuations. The statement comes after President-elect Donald Trump issued an ultimatum against BRICS, warning of severe measures if they create or back a dollar alternative. The BRICS nations have expressed varying levels of support for a common currency, with South Africa being the most conservative and emphasizing the importance of the US dollar.



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