Bank of Russia takes part in second meeting of BRICS deputy finance ministers and central bank governors
The BRICS deputy finance ministers and central bank governors discussed the current results of the work of the group’s financial track. The meeting was attended by Bank of Russia First Deputy Governor Vladimir Chistyukhin and Deputy Finance Minister of the Russian Federation Ivan Chebeskov.
Among the issues of shared competence of the regulators and ministries of finance, the partners discussed the structure of the BRICS report on enhancing the international foreign exchange and financial system, financial cooperation within the BRICS Business Council, and opportunities for establishing an independent cross-border settlement and depository infrastructure of the BRICS countries.
Vladimir Chistyukhin emphasised the importance of the study of the industry’s legal framework initiated by the Russian regulator and the BRICS central banks’ and national depositories’ mandates.
At the session on cooperation among the BRICS central banks, the participants discussed the areas of collaboration which the Bank of Russia considers to be the top priorities:
- developing cooperation in payments;
- enhancing the mechanism of the BRICS Contingent Reserve Arrangement and preparing the fifth issue of the Economic Bulletin on the state of the BRICS economies in the conditions of elevated interest rates;
- ensuring information security in finance and holding the first cross-border cyber trainings;
- conducting joint studies of the use of artificial intelligence and the operation of remote identification systems;
- transition (adaptation) financing and BRICS approaches to disclosing information on sustainable development; and
- holding open dedicated events, workshops and round tables under Russia’s chairship of BRICS.
The Bank of Russia continues to gradually integrate the central banks of the BRICS new members into the work of the financial track. The central banks of the United Arab Emirates, Egypt, Ethiopia and Iran are engaged in all the initiatives proposed by the Russian regulator in 2024.
The next meeting of the BRICS financial track at the level of the deputy finance ministers and central bank governors will take place on 23 July 2024 in Rio de Janeiro (Brazil) on the sidelines of the G20 events.