BRICS Nations Unite for Financial Cooperation in Local Currencies

BRICS nations have agreed to enhance trade and financial settlements in local currencies, explore independent cross-border infrastructure, and establish a BRICS reinsurance company. The 16th BRICS Summit emphasized the creation of a new multilateral development bank and discussed expanding BRICS membership.

BRICS nations have reached a consensus to bolster trade and financial settlements using local currencies. This decision was made during the 16th BRICS Summit, as leaders mulled over the feasibility of crafting an independent cross-border settlement infrastructure, alongside the establishment of a BRICS reinsurance company.

The countries within the BRICS bloc also expressed collective commitment to developing the New Development Bank into a modern multilateral institution, with an objective to expand its membership further. The summit underscored the necessity of financial cooperation among member countries.

The assembled leaders acknowledged the advantages of faster, cost-effective, and transparent cross-border payment solutions. They encouraged using local currencies for transactions to minimize trade barriers, all while being non-binding and voluntary. BRICS nations also deliberated on enhancing correspondent banking networks and financial market infrastructure connectivity.

(With inputs from agencies.)