Russia’s 2024 BRICS Presidency
BRICS is an intergovernmental group established in 2006 by the Federative Republic of Brazil, the Russian Federation, the Republic of India, and the People’s Republic of China, with the Republic of South Africa coming onboard in December 2010.
On 1 January 2024, five new members joined the BRICS community: the Arab Republic of Egypt, the Islamic Republic of Iran, the United Arab Emirates, the Kingdom of Saudi Arabia, and the Federal Democratic Republic of Ethiopia.
Member states take turns holding the BRICS presidency for one calendar year. All decisions are made by consensus.
In 2024, BRICS is chaired by the Russian Federation. Previously, Russia held the BRICS presidency in 2020.
The Bank of Russia’s cooperation under the BRICS Finance Track
The Bank of Russia works together with the other BRICS central banks on three levels:
- Expert working groups of the BRICS central banks;
- BRICS Finance and Central Bank Deputies meetings; and
- BRICS Finance Ministers and Central Bank Governors meetings.
Finance Track 2024: areas of cooperation between the BRICS central banks
Contingent Reserve Arrangement (CRA)
- Improving the CRA mechanism.
- Conducting the 7th CRA Test Run with alternative eligible currencies (under consideration).
System for Exchange of Macroeconomic Information (SEMI)
- Issuing the 5th BRICS Economic Bulletin “BRICS Economies in a High-rate Environment”.
- Maintaining regular information exchange on macroeconomic issues between the BRICS countries.
Payments cooperation
- Establishing a BRICS Bridge platform for performing cross-border settlements with use of central bank digital currencies (CBDCs), non-cash funds, and digital financial assets.
- Implementing the ISO 20022 standard.
- Cooperating with respect to oversight and monitoring in the national payment systems.
- Developing settlements in the national currencies.
BRICS Rapid Information Security Channel (BRISC)
- Conducting the first cross-border cyber drills for the BRICS countries.
- Maintaining information exchange on relevant cyberattacks between the BRICS countries via a template.
- Updating the BRICS E-Booklet on national legislation.
- Issuing the 3rd Best Practices Compendium covering information security issues.
Fintech cooperation
- Exploring automated cross-border identification systems.
- Studying central banks’ experience of implementing AI technologies and general use of AI in finance.
Transition finance joint studies
- Conducting joint studies in the area of sustainable development and climate transition.
Platform for the BRICS central banks’ training events and seminars
- Holding joint training events and seminars.
Cooperation in the area of settlements and depositary activities
- Exploring the option of establishing a common settlement and depositary infrastructure for the BRICS countries.
Key materials
Recent updates
Department responsible for publication: Department for Cooperation with International Organisations
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Last updated on: 27.04.2024