Cross-border payments expected to be discussed at BRICS summit in New Delhi
The 18th BRICS summit is due to take place in New Delhi, India, in September. India holds the chairmanship of the grouping, and the meeting is expected to advance mechanisms to simplify cross-border payments between member countries. This was reported by The Hindu International, citing The Hindu businessLine.
Digital payment solutions
Possible areas of work include links between the digital payment systems of BRICS countries and central bank digital currencies. Participants are also considering broader use of national currencies for settlements in trade between members of the grouping.
These mechanisms are intended to facilitate payments between BRICS countries. The source does not specify what decisions may be made at the summit or when they could be implemented.
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Meeting in Jaipur
Before the summit, on August 12–13, a meeting of representatives of the finance ministries and central banks of BRICS countries was held in Jaipur. They discussed financial cooperation, payments and the broader use of national currencies in settlements for mutual trade.
According to The Hindu International, these consultations took place ahead of the leaders' meeting in New Delhi, where India will chair BRICS.
