The BRICS countries have started working on a SWIFT period

Brazil, Russia, India, China and South Africa are actively working to create their own financial reporting system. In addition, the alliance states intend to launch the independent rating agency BRICS. Office Life informs about it.

The Treasury noted that a new wave of sanctions against Russia was destroying the foundations of the US-based international monetary and financial system.

According to the head of the department, Anton Siluanov, the current political and economic situation is contributing to the acceleration of the work of the BRICS countries during the SWIFT period. In addition, the association states are introducing the use of national currencies in export-import transactions and are working to integrate payment systems and cards.

As the head of the finance department emphasized, the BRICS countries have enough tools to mitigate the effects of the crisis on their economies and the world economy as a whole. Siluanov also added that the decision to conduct a fifth test of the contingent foreign reserve fund mechanism using alternative currencies had already been agreed through the central banks of five EU countries.

Recall that previously Russia and India developed a SWIFT analogue for transactions between countries.

A photo: TV BRICS

Source: TV BRICS

Elliot Frost

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