Finance

Home page

Finance

BRICS begins consultations on multi-lateral pay system similar to SWIFT

17 June 2015 13:06 (UTC +04:00)

Baku - APA-Economics. BRICS countries have begun consultations on creating a multi-lateral payment system similar to SWIFT, Russian Deputy Foreign Minister Sergei Ryabkov told RIA Novosti in an interview.

“The finance ministers and directors of the BRICS central banks are discussing a full spectrum of issues, including the organization of payment systems and the likelihood of gradually moving on to accounting in national currencies. If this is a SWIFT system or not, in any case we’re talking about the possibility of creating a multi-lateral payment system for the association that would provide greater independence, and more exactly would create a definite guarantee for countries on risks associated with arbitrary decisions in this area that may be made by countries that have current payment systems,” Ryabkov said.

He noted that the consultations are on their “beginning stages.”