Brazil Leads BRICS Effort to Establish Independent Financial System
Brazilian President Luiz Inácio Lula da Silva has called for a unified financial system among BRICS nations, advocating for alternative monetary relations during the BRICS leaders’ summit in Kazan on October 23.
He emphasized the importance of this initiative without intending to replace national currencies. Egyptian President Abdel Fattah el-Sisi supported Lula’s vision, promoting financial settlements in national currencies to enhance cooperation.
Additionally, Iranian Ambassador Kazem Jalali urged BRICS to establish an independent financial system free from Western influence. Ongoing discussions among BRICS members aim to create a unified payment system, promoting national currencies in trade to strengthen economic ties and reduce reliance on Western financial models.
Clever Robot News Desk 25th October 2024
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