Amid ongoing efforts to develop a SWIFT alternative, the BRICS alliance is working to establish its own payment system, which will be crucial for trade within the bloc. This system aims to facilitate transactions without relying on the US dollar, marking a significant shift in global trade dynamics.
The initiative is gaining momentum, with 159 countries expressing interest in adopting the BRICS payment system. Its potential launch in October could have major implications for global markets.
According to Russia’s Central Bank Governor, Elvira Nabiullina, the new system is designed to be an alternative to SWIFT. She noted that similar infrastructure exists in other countries and emphasized the importance of the interest and technical readiness of partner nations for successful integration.
The BRICS payment system is a top priority for the upcoming BRICS 2024 Summit, as stated by Viktoria Panova, head of Russia’s BRICS Presidency Council. She highlighted that the creation of this financial mechanism is critical for enhancing cooperation among BRICS countries while preserving their sovereignty in trade and economic exchanges.
The system’s launch is expected to generate significant activity and could facilitate broader trade relations within the alliance. With numerous countries eager to join, it is possible that the system will be ready for the key October summit.
