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Time of India

Leaders explore BRICS pay systems even as don warns

BRICS nations are actively pursuing the development of a cross-border payments system to facilitate faster, cheaper, and more efficient transactions. Finance ministers and central bank governors are tasked with exploring interoperability, building upon the progress of the BRICS Payment Task Force. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads BRICS countries will continue discussions on implementing a cross-border payments system, according to a readout of the Leaders Declaration at the BRICS summit in Rio de leaders have designated their finance ministers and central bank governors to continue discussions on the matter, while exploring the potential for greater interoperability of the BRICS payment system."We task our ministers of finance and central bank governors, as appropriate, to continue the discussion on the BRICS Cross-Border Payments Initiative, and acknowledge the progress made by the BRICS Payment Task Force in identifying possible pathways to support the continuation of discussions on the potential for greater interoperability of BRICS payment systems," the declaration read."In this regard, we welcome the 'Technical Report: BRICS Cross-border Payments System', which reflects members' revealed preferences, and should play a pivotal role in our efforts to facilitate fast, low-cost, more accessible, efficient, transparent and safe cross-border payments among BRICS countries and other nations and which can support greater trade and investment flows."Later, briefing the media in Rio on the initiative, Dammu Ravi , India's BRICS Sherpa and secretary (economic relations) in the external affairs ministry, said, "Countries are looking for alternatives. Interoperability payment is a faster mechanism in terms of being able to do cross-border trading. And this is a low-cost solution."Ravi said India has successfully implemented an interoperability payment mechanism and is also entering into bilateral arrangements with many other countries. "So, within the BRICS track, there is a discussion on it. We are hopeful that in the days to come, there will be traction, and countries will accept it, as it is beneficial to most of them," he to trade in national currencies among BRICS member states, he said, "Now you talked about the national currency settlement ... This is to be seen in the same breath. Significant progress has also happened in that context, and all the countries are quite supportive of these initiatives."BRICS leaders also welcomed steady capacity expansion by the New Development Bank (NDB) to mobilise resources, foster innovation, expand local currency financing, diversify funding sources and support impactful projects. The leaders also welcomed the BRICS Interbank Cooperation .