BRICS central banks and ministries of finance sum up financial track results
Rio de Janeiro hosted the meeting of the ministers of finance and central bank governors of the BRICS member states as well as the meeting of their deputies. The participants summarised the BRICS financial track results achieved during Brazil’s presidency and discussed further cooperation.
They focused on the cross-border payment initiative, the settlement and depository infrastructure, the reinsurance company, the Contingent Reserve Arrangement, the transition finance, and the information security of the member states. The BRICS Innovation Hub addressed issues relating to the prospects of central banks using artificial intelligence (AI) as well as approaches to regulating it in the BRICS financial market.
Gulnara Khaidarshina, Director of the Bank of Russia Department for Cooperation with International Organisations, noted that common priorities and trust helped BRICS develop expert interaction and remain an example of effective international cooperation.
In 2025 H2, central banks’ experts will continue interaction. In 2026, the BRICS presidency will be taken over by India.