Iran Pushes for Cohesive BRICS Financial Infrastructure

Iran has proposed linking the payment systems of all BRICS countries to enable seamless settlements. 

Nasser Kanani, spokesperson for Iran’s Ministry of Foreign Affairs, emphasized the readiness for this integration as BRICS nations are shifting to national currencies for payments. Kanani highlighted the recent successful integration of Russian and Iranian payment systems, suggesting a similar approach for the entire BRICS bloc. While Russia views this proposal favorably, substantial support and cooperation from all BRICS nations are necessary. 

The first phase of integrating Russia’s Mir and Iran’s Shetab systems, involving joint settlements and ATM withdrawals, will begin in August. Last month, BRICS Foreign Ministers supported increasing the use of national currencies for trade and financial transactions.

Clever Robot News Desk 10^th July 2024