WANA (Feb 26) – Officials from BRICS nations, including Iran, China, and Russia, have reaffirmed their commitment to conducting trade using national currencies. They also emphasized the integration of payment card networks and broader financial and monetary cooperation, which are currently being pursued by Iran and Russia.

 

At the first BRICS Central Bank Deputy Governors’ Summit in Cape Town, held alongside the G20 meeting under Brazil’s presidency, Iran’s Deputy Central Bank Governor, Asghar Abolhasani, highlighted the growing role of BRICS in the global economy.

 

He outlined Iran’s strategies for using national currencies in trade settlements, creating an alternative financial messaging system to SWIFT, integrating payment networks, and exploring the potential of central bank digital currencies (CBDCs).

 

The summit focused on the technical and operational aspects of implementing the agreements reached at the recent BRICS Central Bank Governors’ meeting in Moscow. A key topic was the practical steps needed to expand trade using national currencies among BRICS members.

 

Abolhasani called for the establishment of a permanent BRICS financial institution or secretariat, stressing that the bloc has become a major economic force. He also proposed the creation of a non-banking development institution under BRICS to conduct deeper research on economic issues, utilizing the expertise and resources of member states.

 

He emphasized that these financial strategies could reshape the international monetary system, strengthening BRICS’ role in global trade and banking. He noted that as financial transformations accelerate worldwide, BRICS’ collective efforts would enhance economic stability and ensure the bloc remains a driving force for global progress.

 

The officials reaffirmed their commitment to deepening financial cooperation, expanding the use of national currencies, and integrating their financial infrastructures to enhance economic resilience.