BRICS is abandoning the single currency for the time being and is focusing on member states’ currencies

The BRICS International Financial and Economic Forum was held on May 27 in Moscow. According to the organizing committee, 700 people participated in person and over 120,000 others, from 104 countries, participated online.

The central topic was the reorganization of the financial system through the formation of independent financial instruments within BRICS and the development of the business environment in the context of global transformations. Following the forum, a resolution was adopted on the new payment activities of the BRICS countries.

Eight sections and a plenary session were opened with the theme “Formation of the BRICS Just World Order as a New Form of World Order”. Experts from the Eurasian People’s Assembly, the Presidential Academy (RANEPA), the Union of Industrialists and Entrepreneurs of Russia, the Federal Financial Monitoring Service, the Association of Banks of Russia, the BRICS Business Council and representatives of ministries and departments addressed the participants.

Andrei Belianinov, the general secretary of the Eurasian People’s Assembly, said that BRICS countries need completely new approaches in the banking sector and payments in national currencies must be promoted.

I would like the BRICS to shed some excessive banking conservatism. This should not be a gamble but completely new approaches are needed.

ANDREI BELIANINOV

BRICS countries will soon create an alternative mutual settlement system to SWIFT, RANEPA vice-chancellor Andrei Margolin said during his participation in the BRICS International Financial and Economic Forum.

I have no doubt that an alternative payment system will be created within BRICS. We are not yet ready to talk about a single currency, maybe in the long run. But an alternative payment system to SWIFT, which will be attractive to more countries of the world, is on the way.

ANDREI MARGOLIN

Towards the end of 2022, talks intensified around a future BRICS currency to replace the USD in international trade. From the first debates it was supposed to be linked to a common basket of essential goods, especially energy resources and grains. This idea, however, was not accepted by India, which insists on increasing the importance of its own currency in the international market.