BRICS Countries To Create Independent International Financial System

The possibility of creating an independent international monetary and financial system is being considered amongst BRICS countries. Photo: Russian Finance Ministry.

The Russian Ministry of Finance together with the Central Bank and BRICS partners will prepare a number of initiatives to create an independent international monetary and financial system. The result of this work could be, among other things, the creation of a digital settlement and payment platform BRICS Bridge. This is stated by the official website of the Ministry of Finance.

A meeting of finance ministers and central bank governors of BRICS countries was held in Sao Paulo. Russian Finance Minister Anton Siluanov and First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin presented the main directions of this area.

“The current system based on the existing Western financial infrastructure and the use of reserve currencies has a number of fundamental flaws. Such infrastructure should be available to everyone,” Siluanov said.

The Russian side positions the improvement of the international monetary and financial system as the main topic of its BRICS presidency. At the end of 2024, the Ministry of Finance of Russia and the Bank of Russia together with the partners in the association will prepare a report to the leaders of the BRICS countries on this issue.

They will present several practical initiatives, one of which could be the BRICS Bridge, a multilateral digital settlement and payment platform. It is expected to help bring the financial markets of the alliance member states closer together and increase trade turnover between them.

In 2024, three meetings at the level of deputy heads of financial departments are planned. They will work out the agenda of the Russian presidency. The final meeting at the level of BRICS finance ministers and central bank governors will be held in early October.

African Times published this article in partnership with International Media Network TV BRICS.



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