We have bilateral currency swaps. A similar south africa telegram data multilateral instrument exists within the BRICS — it is a pool of conditional currency reserves. It was created back in 2014, its volume is quite impressive — 100 billion dollars. We have been testing it annually since 2018 to keep it in constant readiness, but so far none of our countries have used it, there was no need for it. This year we want to complete negotiations so that countries, if they experience pressure on the balance of payments, can receive funds from this pool in national currencies.
— What tools are the BRICS countries working on for settlements independent of SWIFT? Are they ready to integrate national financial messaging systems and payment systems following the example of Russia and Iran?
Russia has its own Financial Messaging System
which is an alternative to SWIFT, we offer to join it. And 159 foreign participants from 20 countries have already joined. Some other countries have similar infrastructure. We are holding discussions about the interaction of such platforms, but the interest and technical readiness of our partners are important here.
In general, is there interest among countries?
— There are, because risks have emerged in using hard bounce of your emailing campaigns the established international payment infrastructure, and many countries are america email thinking about alternative, their own options for cross-border payment mechanisms.
— Including moving away from the dollar.
