De-dollarization was a closely watched topic amid the BRICS summit last week. He said at a previous international meeting in July that it was important to establish an "independent financial system" based on local currency trade. But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time." AdvertisementAdvertisementInstead, South Africa appears to veer toward increasing the bloc's trade in local currencies. The economist who coined the term BRICS slammed the idea altogetherJim O'Neill, a former Goldman Sachs economist who first gave the BRICS bloc its name, has slapped down the idea of a common BRICS currency.

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Persons: dollarization, SWIFT, Luiz Inacio Lula da Silva, Putin, Vladimir Putin, I'm, Hardeep Singh Puri, Puri, Xi, Xi Jinping, Enoch Godongwana, Paul Mashatile, Jim O'Neill, Goldman Sachs, O'Neill Organizations: Service, United, United Arab Emirates, Times, CNBC, Bloomberg, Financial Times Locations: Wall, Silicon, South Africa, Brazil, Russia, India, China, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab, New Delhi, Johannesburg, South