Brazilian President, Luiz da Silva has backed the decision to set up a new common currency to be used between the BRICS members instead of the US dollar.
Da Silva added that the BRICS New Development Bank in Shanghai, headed by his ally and former Brazilian president, Dilma Rousseff would ensure creation of a currency for transactions between the BRICS countries which reduces vulnerabilities.
He also called for a speedy end to the war in Ukraine on the second day of the BRICS summit in South Africa.
Meanwhile Russian President, Vladimir Putin who attended the summit virtually due to an international warrant for his arrest, announced plans to host the next summit in Russia.