BRICS establishes platform facilitating transactions in national currencies among member states
Date
6/11/2024 8:32:35 AM
(MENAFN) Russian Foreign Minister Sergey Lavrov has announced BRICS' commitment to the establishment of a platform facilitating transactions in national currencies among member states. Addressing the bloc's foreign ministers during a meeting in Nizhny Novgorod, Lavrov emphasized BRICS' efforts to implement decisions made at the Johannesburg summit, particularly in enhancing the international monetary and financial system.
Lavrov highlighted the group's focus on developing a platform for settlements in national currencies to facilitate mutual trade among BRICS nations. He emphasized the importance of harmonizing the framework of interaction among BRICS partners, underscoring the significance of these initiatives in shaping a fair and equitable global order.
The announcement comes following recent discussions among BRICS finance ministers regarding the potential launch of a common blockchain-based system aimed at streamlining financial transactions within the bloc. This initiative aligns with BRICS' broader objectives of enhancing financial cooperation and reducing dependence on traditional global financial systems.
The shift towards national currency transactions within BRICS has gained momentum in recent years, with Russian central bank governor Elvira Nabiullina reporting a significant increase in the share of transactions conducted in national currencies. This trend has been further fueled by growing concerns among member states about the reliability of traditional financial messaging systems like SWIFT, particularly in light of geopolitical tensions such as the conflict in Ukraine.
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