In July, BRICS announced that they will have their own payment system—an alternative to America’s SWIFT. BRICS said it will transform global trade. It said that now cross-border payments and activities will be made without relying much on the US dollar. A new era o de-dollarization is on the way. This payment system will be overseen mainly by Russia, and trades will be conducted in local currencies within the countries. It is most likely to be announced at the October 2024 summit of BRICS in Kazan, the Republic of Tatarstan.
According to the governor of Russia’s central bank, Elvira Nabiullina, 159 countries are ready to adopt BRICS’ new payment system.
“Active efforts are underway to create a financial payment mechanism that would make cooperation between BRICS countries easier, and maintain their sovereignty in trade and economic exchanges.” She further said, “This issue is on the agenda because every member sees it as important.”
