THE PRECONDITIONS FOR ESTABLISHING A UNIFIED CURRENCY OF THE BRICS COUNTRIES

The results of the study focus on analyzing the possibility of creating a single currency system for the BRICS countries based on the analysis of exchange rates, economic trends and practical aspects of currency integration. Based on the data on exchange rate movements in 2020 and the correlation of exchange rates of national currencies with the US dollar, the study identifies the challenges and prospects for such integration. The process involves the development of a five-level matrix and the definition of equations reflecting the fluctuations of BRICS currencies against the dollar. The results indicate possible trends in the development of the BRICS currency area. The insights and information obtained are important for understanding exchange rate dynamics and contribute to an in-depth analysis of the data. The findings point to the advisability of a more careful approach to the formation of new currency systems, especially of a collective nature, which are based on virtual platforms. Cryptocurrencies and other forms of digital money without actual backing are a major threat to economic stability. In planning and designing a new monetary system for the BRICS, it is important to take into account the experience of the euro area and the challenges posed by differences in economic development and exchange rate dynamics. Recommendations for further research include a more in-depth analysis of the impact of inflationary trends on currencies, as well as the impact of virtual currencies on the economy. The findings highlight the importance of a more thorough consideration of the factors affecting the sustainability of future monetary systems within the BRICS.