Русский
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 may be, among other things, the creation of a digital settlement and payment platform “BRICS Bridge”.
This was decided following a meeting of BRICS finance ministers and central bank governors which took place in Sao Paulo in late February. Russian Finance Minister Anton Siluanov and First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin presented the main directions of work in this area.
“The current system, based on the existing Western financial infrastructure and the use of reserve currencies, has a number of fundamental shortcomings. Such infrastructure must be accessible to everyone,” Siluanov said.
The Russian side is positioning the improvement of the international monetary and financial system as the main theme of its BRICS chairmanship. Based on the results of 2024, the Russian Ministry of Finance and the Bank of Russia, together with the association partners, will prepare a report to the leaders of the BRICS countries on this issue.
This article was provided with the kind permission of REAB
