Ministries of Finance and Central Banks of the BRICS countries will prepare recommendations on the payment system
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The finance ministers and chairmen of the Central Banks of the BRICS countries will form a working group and develop recommendations on the issue of an alternative payment system. about it to journalists told Russian Foreign Minister Sergei Lavrov.
He noted that today no one is talking about a single currency, but the focus is on finding ways to ensure mutual trade in a way that does not depend on a system controlled by the US and Western allies.
After the creation of the National Development Bank (NDB), the BRICS formed a project called the “pool of reserve currencies,” Lavrov said. “This is the forerunner of the steps that we plan to take to facilitate the use of national currencies, but most importantly, to form an alternative payment system. What exactly it will look like is entrusted to the finance ministers and chairmen of the Central Banks,” the minister said.
The Finance Ministry and the Central Bank will form a working group on this issue. They were instructed to prepare recommendations for the heads of state for the next summit of the association, which will be held in Kazan in 2024.
Former Russian Finance Minister Anton Siluanov declaredthat the BRICS countries can create a single unit of account, alternative to the dollar. According to him, the cost of commodity deliveries, benchmarks for some goods can be expressed in a unit.
NBI chief Dilma Rousseff toldthat the bank plans to start lending in South African rand and Brazilian real as part of a policy aimed at reducing dependence on the dollar. This, she said, will allow borrowers in the BRICS countries to avoid currency risk and fluctuations in US interest rates.
Speaking at the BRICS summit in South Africa, Russian President Vladimir Putin called for expanding settlements in national currencies and interbank cooperation. He also named difficult issue of a single accounting currency, but noted that the countries of association will move towards “solution of this problem.”
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