The meeting, held alongside the G20 summit and chaired by Brazil, focused on operationalizing agreements from the recent Moscow summit of BRICS central bank governors, IRNA reported.
Key discussions included the use of national currencies for trade settlements, the creation of an independent financial messaging system as an alternative to SWIFT, the integration of payment systems, and the potential development of central bank digital currencies (CBDCs) among BRICS members.
Abolhassani emphasized the need for a permanent secretariat or an independent financial institution within BRICS to enhance monetary and banking relations. He noted that BRICS has become a significant global economic force, with collective efforts addressing economic cooperation, financial stability, and sustainable development.
He also proposed establishing a non-banking developmental entity under BRICS to facilitate in-depth studies on critical issues using the expertise of member countries.
The deputy governor outlined practical solutions for using national currencies in trade settlements, creating an independent financial messaging system, and integrating payment systems. These measures, he argued, could transform the international monetary and financial system, fostering stronger banking and trade ties among BRICS members.
BRICS, comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, the UAE, Iran, Indonesia, Bolivia, Saudi Arabia, and Nigeria, aims to strengthen unity and efficiency amid rapid global financial changes.
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