GENERICO.ruEconomicsNabiullina praised the idea of ​​creating a settlement hub bypassing SWIFT

Nabiullina praised the idea of ​​creating a settlement hub bypassing SWIFT

St. PETERSBURG, July 6 Bank of Russia Governor Elvira Nabiullina positively assessed the idea of ​​creating an international settlement hub in the country of the Persian Gulf, bypassing SWIFT.
Earlier on Thursday, during the session of the Financial Congress of the Bank of Russia, VTB head Andrey Kostin proposed creating a new settlement system bypassing SWIFT and Western financial institutions. The program to create such a system includes four points: replacing SWIFT with a new banking messaging system, replacing direct correspondent relations with horizontal links between banks, creating a new international depository hub, possibly in one of the Persian Gulf countries, and creating new tools to raise capital .
“As for the depository hub, the creation of a depository hub, such a regional, international one, it seems to me that this is a very good idea. The specifics should be discussed together with the market, together with partners, whether there will be interest in creating this hub, and what it may consist of “, – Nabiullina said at a press conference on Thursday in response to a request to comment on Kostin's idea.
“But the idea, in my opinion, is very productive for its further development, specifically for the development of the international capital market. We are more in Recently, they have been talking about international payments and settlements, because this is the most sensitive topic, but, of course, while maintaining the openness of the economy, the openness of the financial sector, the need to attract investment… the entire infrastructure for the development of the capital market requires attention,” she continued.

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