THE AGREEMENT ON CONTINGENT RESERVES” COULD BE BORN AS OF THIS YEAR This system, which is currently called the “Contingent Reserve Arrangement”, will be one of the main objectives of 2024 for the BRICS group, according to the press release. According to Kremlin spokesperson Yury Ushakov, this joint work between the 5 countries aims to “increase the role” of their group within the “international monetary and financial system”. And of course, even if the extraterritoriality of the USA via its dollar is not openly mentioned, we suspect that this is also a good motive for these countries. “We believe that the creation by BRICS of an independent payment system is an important goal for the future (…). The main thing is to ensure that it is practical for governments, individuals and businesses (…). Work will continue to develop the Contingent Reserves Agreement, primarily with respect to the use of currencies other than the US dollar. » Yury Ushakov, Kremlin spokesperson Besides Russia, which has started working on its digital ruble, it is especially China which could get the ball rolling and lead the way against the dollar. Indeed, its own central bank digital currency (MNBC), the digital yuan (e-CNY), is very advanced, and could already very well serve as a testing basis for this agreement on contingent reserves between the 5 BRICS. Even, also, with the 5 new countries which joined them on January 1, 2024 (Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates), i.e. a total of 46% of the population of the planet.