BRICS in New Delhi agrees on settlements in national currencies — The Hindu
In New Delhi, India, the declaration following the BRICS summit provided for increasing trade among member countries and settlements in national currencies. As The Hindu reports, countries of the Global South are considering the possibility of bypassing the SWIFT system in interstate payments amid wars and the United States' use of financial sanctions.
Central bank digital currencies
Before the summit, Reuters, citing sources, reported that India planned to propose linking central bank digital currencies for cross-border payments among BRICS countries. According to the agency's sources, the initiative was to be included on the agenda of the meeting of the bloc's leaders.
At the same time, the proposal was not included in the New Delhi Declaration. Reuters noted that its implementation could be complicated by political and technical obstacles, as well as the limited adoption of digital currencies worldwide.
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Sberbank statement
On the eve of the summit, Russia's largest bank, Sberbank, said there were significant opportunities for bilateral trade settlements between India and Russia using central bank digital currencies. Sberbank CEO Herman Gref said at a briefing in New Delhi that such trade settlements are considerably more efficient.
The article describes SWIFT as a still widely recognized system for interstate payments. The BRICS agreement concerns expanding trade among the bloc's member countries and using national currencies in settlements.
