South Africa open to the possibility of ‘moving away from the dollar’ – Foreign Minister Naledi Pandor

Foreign Minister Naledi Pandor

South Africa’s International Relations Minister, Naledi Pandor says the country will not shy away from discussing the possibility of having a new common currency away from the US dollar.

Pandor was speaking at a BRICS symposium on Geopolitical tension and South Africa’s role in Cape Town on Tuesday.

The next BRICS Summit will be held in Durban this August.

“Moving away from the dollar is increasingly becoming a discussion – it is less against the dollar and more about empowering other currencies. I have not seen it as a negative discussion,” she says.

“It’s about (if) it’s possible to develop a system in which other currencies may be used for international trade – would it be possible for us to trade in our own currencies as India is doing with the rupee in purchasing oil for example.

“How do-able is that amongst ourselves as BRICS countries, but also taking it broader what would we need to do.

“We will see were that goes but for South Africa we will always have regard to our national interest and our economy, but we will not shy away from the discussion,” said Pandor


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