Vladimir Putin, President of the Russia, officially invites Masoud Pezeshkian-President of the Iran, to the BRICS summit. BRICS summit will be held at Kazan, The capital of the Republic of Tatarstan, in October 2024. Putin wants to end the dominance of the US dollar and Iran is also a very big supporter of that. So, to give the summit an anti-West touch this move was made.
BRICS is an intergovernmental organization which is a group of countries who claimed to be working for the global trade. It is a counter-organization to the US-led World Bank and IMF. BRICS also announced to make their own currency and payment system, an alternative of American SWIFT.
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.
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.”
BRICS claimed that World Bank and IMF exploit countries by providing them funding with strict conditions and also interfere in their sovereignty. So, BRICS jointly made a bank to provide loans, New Development Bank (NDB). In this year’s summit in Kazan, it is most likely that BRICS will announce their own payment system and a joint currency.
