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Russian Finance Minister Announces BRICS Financial Innovations
(MENAFN) Russian Finance Minister Anton Siluanov stated that Russia is progressing on developing financial tools within the BRICS framework, which includes a cross-border payment system, according to a state news agency on Wednesday.
Siluanov emphasized, "At the BRICS platform, we are considering our various financial innovations, including a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets."
He also mentioned that Moscow is actively monitoring emerging technologies and trends in this area.
"Building a financial infrastructure is very important for the development of trade and the economies of our countries," he added.
In response to the Western-imposed SWIFT sanctions on Russian banks, BRICS nations have lately sped up their efforts to create alternative payment systems.
Siluanov also projected a reduction in Russia's budget deficit for the year ahead, forecasting it to be smaller than in 2024.
He highlighted that the previous year's budget deficit-to-GDP rate was 1.7 percent, with plans to decrease it to 0.5 percent in 2025.
Siluanov emphasized, "At the BRICS platform, we are considering our various financial innovations, including a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets."
He also mentioned that Moscow is actively monitoring emerging technologies and trends in this area.
"Building a financial infrastructure is very important for the development of trade and the economies of our countries," he added.
In response to the Western-imposed SWIFT sanctions on Russian banks, BRICS nations have lately sped up their efforts to create alternative payment systems.
Siluanov also projected a reduction in Russia's budget deficit for the year ahead, forecasting it to be smaller than in 2024.
He highlighted that the previous year's budget deficit-to-GDP rate was 1.7 percent, with plans to decrease it to 0.5 percent in 2025.
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