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    Russian Deputy Foreign Minister Sergei Ryabkov gives interview

    BRICS Begins Consultations on Multi-Lateral Pay System Similar to SWIFT

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    According to Russian Deputy Foreign Minister BRICS countries have begun consultations on creating a multi-lateral payment system similar to SWIFT.

    Swift payment system
    © Photo : https://twitter.com/swiftcommunity/
    MOSCOW (Sputnik) BRICS countries have begun consultations on creating a multi-lateral payment system similar to SWIFT, Russian Deputy Foreign Minister Sergei Ryabkov told RIA Novosti in an interview.

    “The finance ministers and directors of the BRICS central banks are discussing a full spectrum of issues, including the organization of payment systems and the likelihood of gradually moving on to accounting in national currencies. If this is a SWIFT system or not, in any case we’re talking about the possibility of creating a multi-lateral payment system for the association that would provide greater independence, and more exactly would create a definite guarantee for countries on risks associated with arbitrary decisions in this area that may be made by countries that have current payment systems,” Ryabkov said.

    He noted that the consultations are on their “beginning stages.”

    The central banks of the BRICS countries are interested in Greece’s participation in projects with the New Bank of Development, Russian Deputy Foreign Minister said.

    “A range of countries have expressed their interest in the activities of this structure, mainly in Asia, Latin America, and Africa,” Ryabkov said.

    Ryabkov said that possible resources of the New Development Bank may be used in projects with Greek participation, but have not yet been discussed.

    “There is interest from the branches of BRICS central banks on [Greece’s participation], so this topic needs to be studied further,” Ryabkov added.

    The BRICS Development Bank that is currently being created by its members should complement the Asian Infrastructure Investment Bank as there are no conflicting issues between them, Russian Deputy Foreign Minister Sergei Ryabkov said.

    “There are no conflicts within BRICS on this topic. We see the possibility of efforts that complement one another,” Ryabkov said.

    The United States and the European Union are continuing to put a stick in the spokes of BRICS activities and each time a new institution is created the West increases its criticism, Russian Deputy Foreign Minister Sergei Ryabkov stated.

    “I expect that as the BRICS bank is being created and it begins to operate, criticism will grow, regardless of all the declarations that there is competition in all spheres, we run into attempts to save the ‘historically Western’ monopoly on financial and economic levers of influence of what is happening in the world,” Ryabkov said.

    Related:

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    IMF Risks Falling Behind as BRICS Bank Rises
    Russia Launches Own 'SWIFT' Service, Links Up 91 Credit Institutions
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    bank, SWIFT payment system, BRICS, Sergei Ryabkov
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