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MOSCOW, January 30 The BRICS countries this year will focus on the interaction of payment systems and settlements in national currencies, Elvira, head of the Bank of Russia, said in an interview Nabiullina.
On January 1, Russia became the chairman of BRICS for the coming year. It began with the accession of new members to the organization: following the results of the 2023 summit, a decision was made to invite Egypt, Ethiopia, Iran, the UAE and Saudi Arabia.
After the accession of all new members, the BRICS membership will expand to 10 countries with a population of 3.6 billion people — almost half of the global total. These states account for more than 40% of world oil production and about a quarter of world goods exports.
“We are going to come out with a busy agenda. But at the same time, of course, adhere to the principle of continuity and development of the initiatives that our partners proposed in previous years. Among them, I will highlight four key ones,” Nabiullina answered the question of what are the priorities and goals of the BRICS central banks will be decided this year.
«The first is the development of the payment sector. We have an expert group that discusses various issues, including digital currencies and the interaction of payment systems. This year we want to place a greater focus on settlements in national currencies,» the head of the Central Bank noted.
Regulators will also pay attention to the development of financial technologies. “We want to discuss the automation of cross-border identification systems. This topic is very practical — it will allow people to quickly receive financial services in another BRICS country,” she added. Another topic on their agenda is cybersecurity in the financial sector. According to Nabiullina, the Central Bank wants to invite partners to conduct cross-border cyber exercises.
«The fourth is the sustainable development agenda and adaptation of economies to climate change. The BRICS countries are very interested in this, and we want to actively promote this topic. In particular, we want to discuss with colleagues how climate risks can be integrated into financial regulation, how develop standards for green and adaptation bonds,” concluded the head of the Central Bank.