BRICS financial track priorities for 2024 identified

On 7 February 2024, as part of Russia's BRICS presidency, Deputy Finance Ministers and Central Bank Governors of the BRICS countries hold an online meeting. This was the first event in the BRICS financial track with the participation of representatives of countries that had become full members of this association since 1 January 2024. 

Deputy Minister of Finance of the Russian Federation Ivan Chebeskov and First Deputy Governor of the Bank of Russia Vladimir Chistyukhin spoke about the priorities of the Russian presidency in the BRICS financial track and presented an initiative to improve the global monetary and financial system. The Russian Ministry of Finance and the Bank of Russia are planning to use the outputs of the analysis and research conducted jointly with BRICS partners to prepare a report with a list of initiatives, recommendations, and practical steps.

At the meeting, representatives of BRICS Finance Ministries discussed customs and tax cooperation within BRICS, blended financing of infrastructure projects, a launch of the BRICS Research Network in the field of finance, financial cooperation within the BRICS Business Council.

At a special session dedicated to the issues of interaction between BRICS central banks, the Bank of Russia presented the priority areas of cooperation within the financial track:

• better functioning of the mechanism of the BRICS Pool of Conventional Currency Reserves;
• the next issue of the BRICS Economic Bulletin dedicated to the economic situation in BRICS countries amid high interest rates;
• payment interaction;
• information security of the financial sector;
• use of financial technologies;
• transition financing and sustainable development; and
• a platform for open events, seminars and round tables.

Particular attention was paid to the issues of increasing the proportion of national currencies in mutual settlements and creating an independent, equally accessible financial infrastructure, as well as prospects for the development of cooperation in anti-money laundering and combating the financing of terrorism, and credit ratings.

Among its important tasks for 2024, the Bank of Russia mentioned the smooth integration of central banks of new BRICS members into the work of the financial track and strengthening cooperation at the expert level.

The meeting participants discussed the priorities of Russia’s presidency and expressed the readiness for their future analysis.

The next meeting of the BRICS financial track at the level of Finance Ministers and Central Bank Governors will be held on 27 February 2024.

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