Iran has proposed establishing an independent BRICS financial corridor and integrating the national payment systems of the member countries. The initiative was put forward by the Governor of the Central Bank of Iran (CBI), Abdolnaser Hemmati, at the First BRICS Finance Ministers’ and Central Bank Governors’ Meeting in India, reports
Mehr News Agency, a partner of TV BRICS.
He stated that the countries need to move beyond discussions on financial cooperation towards establishing a practical, secure and sustainable system for cross-border payments and settlements.
Hemmati noted that the integration of national payment systems and the expanded use of national currencies would speed up transactions, reduce costs and enhance the security of trade operations between the group’s member countries.
He added that Iran has already begun to examine the technical and legal aspects of integrating the BRICS countries’ payment systems and is ready to cooperate in drawing up a practical plan to implement this initiative.
Earlier, Abdolnaser Hemmati announced that Iran intends to become a member of the New BRICS Development Bank in the near future and to develop financial cooperation with other member countries of the group.