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BRICS countries may combine payment systems

July, 08 2024
watermark Economic news

Iran has proposed to extend the mechanism of unification of national payment systems to all BRICS countries. This was announced by the official representative of the Iranian Foreign Ministry, Nasser Kanani, at a press conference.


Kanuni announced the completion of the process of integration of the national payment systems of Russia and Iran through the Central Banks of the two countries. He noted that this created the necessary conditions for the transfer of trade settlements into national currencies.


«We continue to negotiate, and Iran has proposed to the Russian side to extend this mechanism to the BRICS countries,» the diplomat said, adding that Russia has positively accepted this proposal.


The representative of the Iranian Foreign Ministry expressed hope that the existing tools to facilitate trade between Iran and Russia will be extended to all BRICS countries. Consultations on this issue are continuing, he added.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.