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    BRIC summit could discuss use of common currency

    Moscow (PTI): Leaders of India, Russia, China and Brazil will discuss a proposal to create a "supranational" currency and use of SDR as a reserve currency at a summit later this month, a top Kremlin official said on Tuesday.

    The issue of decreasing dependency of global economy on U.S. dollar may also be discussed by the BRIC leaders.

    "The Kremlin does not rule this out. The agenda of the summit is being finalised and it includes the issues linked with the global financial crisis," Kremlin spokesperson Natalia Timakova said.

    Ms. Timakova conceded that all members of the informal BRIC group have different views on the issue of dollar as a global currency.

    "There is a varying vision among BRIC participants, but if some one raises this issue it will be discussed," Ms. Timakova said.

    The official said the BRIC leaders will certainly discuss Russian president's proposal to create a 'supranational' currency and use of IMF's Special Drawing Right (SDR) as a reserve currency.

    Besides, a wide range of issues pertaining to security will be part of the discussions when Indian Prime Minister Manmohan Singh, Brazilian President Lula da Silva, Chinese President Hu Jintao and their Russian counterpart Dmitry Medvedev meet at Yekaterinburg city on June 16.


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