BRICS mulling alternative to dollar-dominated payment system: South Africa

Naledi Pandor said one of the reasons for BRICS to established New Development Bank was to reduce their dependence on dollars

The BRICS grouping of five emerging economies is considering alternatives to the dollar-dominated payment system which is skewed in favour of very wealthy countries, South African Foreign Minister Naledi Pandor has said.

Pandor said one of the motivations for BRICS, which has Brazil, Russia, India, China and South Africa as members, to establish the New Development  Bank in 2014 was to reduce their dependence on the dollar-based system, according to the Russian state-owned news agency Sputnik.

"We have always been concerned by the fact that there is a dominance of the dollar and that we do need to