Why do i have a feeling the discussion is taking a political dimension. Is it a desperate attempt to get the prince some votes?

Anyway,back to the title of the thread, such a development would be welcome. It would give alternatives where non exist as of now.
However,it gonna take over seven years [very optimistic] from now before we can abandon the dollar/euro/pound for the BRICS currencies. The BRICS economies will have to have grown in size to do what the Eurozone and north america does to the world market today,ie, control the world economy. As it is, the BRICS are all dependent on Eurozone/USA economies. A slow down in Europe and USA ultimately slows everyone,including the BRICS,with some exception to Brazil.
In the best case scenario, 2020 is the year when we in the third world can possibly think of abandoning the USD/Euro/Pound.

What do we export to Brazil,India,China or even South Africa for the inflows? How much do tourists from BRICS spend here?

As it is, can anyone import stuff from Asian countries using the Yuan,apart from China itself? I myself can't, i have to use the USD. Private entities will not jump to using the BRICS currencies just coz some development bank has been set up. It takes more than that.

For gov't to gov't transactions/deals, that could be sooner than the 7 years.

That being the case,the talk of sanctions on a Uhuruto presidency having no effect should not arise. The West still rules the world. If you doubt,try importing/exporting anything,using any of the BRICS currencies.

@mk check here

http://www.presstv.ir/de...-to-overtake-us-dollar/

China yuan isolating US dollar as global reserve currency: PIIE
Peterson Institute for International Economics predicts that China’s renminbi will become internationalized in 10 to 15 years.
Peterson Institute for International Economics predicts that China’s renminbi will become internationalized in 10 to 15 years.
Mon Nov 19, 2012 4:47PM GMT
6
China’s official currency yuan is set to rise to the status of an international currency as more nations abandon the US dollar to peg their currency to the Chinese yuan, a new report says.


The latest research by the Peterson Institute for International Economics (PIIE) shows that renminbi (the official currency of China whose primary unit is the yuan) will become internationalized in 10 to 15 years if China further liberalizes its financial market.

@Chessmaster, In order for Kenya to survive without USD/Euro/Pound, how much do those Chinese spend at the moment? Going forward,its a goldmine,but we are not there yet.

@a4arch, What you link says confirms what i wrote earlier, i said 7 yrs the earliest, they are talking of 10 to 15 yrs.
Going forward as i said, a BRICS bank would be the best thing to happen to third world economies.
However, before then, we don't need to antagonize our current trade partners unnecessarily.

@Mkeid are you still dreaming http://www.youtube.com/watch?v=hz_nZYSX0L8

BRICS development bank can be ready by 2015 - Russian deputy PM
Published time: June 21, 2013 19:31 Get short URL

The BRICS development bank could be set up by 2015, Russian Deputy Finance Minister Sergei Storchak told the St. Petersburg forum. Moving away from the dollar and the euro in mutual trade is the key aim of the initiative.

"I think a guideline for the work [of the BRICS development bank] to start is 2015 - that is entirely sensible," Storchak said when asked how realistic it was for the bank to be set up by the previously announced term.

By now the initiative has seen modest progress, with just a political decision having been taken. "…we are at the stage where each country needs to put together national delegations and these delegations will hold full-scale talks on all aspects of the establishment of the new bank," Storchak said.

http://rt.com/business/b...lopment-bank-dollar-072/