BRICS bank needs to create independent payment system

Russian official

TEHRAN, (MNA) – The New Development Bank created by BRICS states faces the task of creating an independent system of payments to prevent the adverse effect from third countries on their finances, the Russian deputy finance minister said.

"We discussed activities of the bank during the last decade and its successes, among which is the creation of the infrastructure inside the BRICS group of the emerging economies for countries of the association," Ivan Chebeskov said.

"We also discussed new challenges against us and the fact that they are more serious than during the past decade. We face unprecedented geopolitical fragmentation that was not present before. In such conditions we should create such infrastructure among the BRICS countries that will be independent from impacts of third countries and concurrently beneficial for us," he noted.

One of the key tasks NDB should solve is the revision of the entire international monetary and financial system and the entire financial infrastructure, Chebeskov said.

"We face global challenges; we need to move gradually, choosing the evolutionary way of introducing changes," he stated, TASS reported.

"Everybody understands our interests are not represented to a full measure in the global financial system now," Chebeskov noted. "It can be openly said that we are discriminated. The entire financial infrastructure is owned by Western countries. They use this infrastructure, earn from it and employ as a geopolitical pressure lever," he added