Bank of Russia holds coordination meeting of BRICS countries’ central banks
The participants in the meeting that took place on the sidelines of the International Monetary Fund’s Spring Meeting exchanged opinions on various issues. The topics discussed include the formation of the payment (BRICS Bridge) and settlement and clearing (BRICS Clear) infrastructures, improvement and expansion of the mechanism of the BRICS Pool of Conventional Currency Reserves, macroeconomy, information security, fintech, transition finance and training central banks’ personnel.
The Bank of Russia reported on the progress of its work relating to the initiatives of the Russian presidency and on the nearest scheduled events and meetings of expert groups.
The Bank of Russia pays great attention to the coordination of the central banks’ positions and compliance with the principle of consensus-based decision-making. Gulnara Khaidarshina, Director of the Department for Cooperation with International Organisations, pointed out that smooth integration of new BRICS members into the formats of operation of the BRICS financial track was a key task of the Russian regulator. The Bank of Russia bears in mind the differences in the mandates of the central banks and takes this into account when preparing the agenda and promoting multilateral initiatives.