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BRICS to discuss new payment systems at October summit in Kazan

BRICS to discuss new payment systems at October summit in Kazan

GrafaGrafa2024/09/24 02:10
By:Liezl Gambe

BRICS nations are set to discuss alternative payment platforms during the upcoming summit in Kazan from October 22 to 24, as part of efforts to reduce reliance on traditional financial systems. 

Russian Foreign Minister Sergey Lavrov confirmed that a report outlining potential alternatives will be presented at the summit, which will be hosted by Russian President Vladimir Putin. 

The initiative follows a proposal by Brazilian President Luiz Inacio Lula da Silva during the August 2023 BRICS summit. 

Lavrov emphasised the growing use of national currencies in BRICS trade, particularly between Russia, China, and India. 

He stated, “With China, we carry out over 90% of our trade in national currencies, and with India, this figure reaches 60%.” 

This shift is seen as part of a broader dedollarisation trend, where BRICS countries aim to reduce dependency on the U.S. dollar in global trade. 

The report, prepared by BRICS finance ministers and central banks, will explore ways to create alternative payment platforms. 

Lavrov stressed the importance of this move, highlighting that the use of national currencies in trade is expanding as countries seek more resilient financial systems. 

The BRICS nations' focus on alternative payment systems aligns with growing dissatisfaction with U.S. economic policies. 

Lavrov added, “The United States continues its policy of economic pressure on other countries, but this era is already coming to an end.” 

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