Representatives of central banks of BRICS countries have discussed priority areas of cooperation
Representatives of central banks and finance ministries of BRICS countries have discussed priority areas of cooperation in 2024 at a meeting in Brazil. One of the main tasks of Russia's chairmanship of BRICS in 2024 is to improve the BRICS Contingent Reserve Arrangement mechanism. Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, pointed out that the countries need to agree on amendments to the documents of the Arrangement, including those related to the use of national currencies in this mechanism.
The BRICS Payments Task Force will also discuss possible practical solutions for settlements in national currencies, including central bank digital currencies. “Over the past years, the agenda of multilateral interaction between central banks has substantially expanded. The list of areas of cooperation has doubled as compared with 2020, when Russia also chaired the club. Our cooperation is gaining momentum, and we expect the new member states of the association to contribute to the development and deepening of the BRICS financial track agenda in the near future,” Mr Chistyukhin said.
The participants also discussed cooperation in information security, financial technologies, and financing sustainable development.
Источник (рус). Illustration: Bank of Russia website.