BRICS proceeds with national currency payment system

BRICS nations are actively working on creating a payment platform for transactions in their national currencies to facilitate mutual trade, Russian Foreign Minister Sergey Lavrov announced, as cited by TASS on Monday. Lavrovat made the announcement at the BRICS Foreign Ministers Meeting in Nizhny Novgorod on June 10–11.

He further highlighted that this initiative follows the decisions made at last year’s Johannesburg summit, which focused on enhancing the international monetary system and developing mechanisms for trade settlements using national currencies.

The move aims to strengthen economic co-operation among the BRICS countries and reduce reliance on traditional global financial systems.