Creation of a single BRICS payment system to be on the agenda of the group's summit in 2024

South African President Cyril Ramaphosa has said that the creation of a single payment system using national currencies of the BRICS countries will be on the agenda of the upcoming summit of the association that will be held in Kazan, Russia. The head of state made the remark while addressing the National Council of Provinces (upper house of parliament).

"The BRICS group intends to further expand the use of member states' national currencies in international trade. Finance ministers and Central Bank governors are now working on the creation of a unified BRICS currency platform and payment system. The issue comes to the upcoming summit of the association"

Cyril Ramaphosa South African President

The South African leader stressed that the New Development Bank (BRICS Bank) is expanding the issue of bonds in the national currencies of the countries of the association, which is beneficial for all member countries of the association, including South Africa, as reported by TASS.

In addition, the politician noted mutual understanding within BRICS on the need to reform international political organisations. According to him, the countries are in favour of such a process with regard to the UN, the UN Security Council and the World Trade Organisation (WTO).

South Africa currently holds the chairmanship of the BRICS grouping. From 1 January 2024, the group will be headed by Russia. It is already known that the next summit of BRICS leaders will be held in Kazan in autumn.

At the last summit of the "five" in South Africa, six countries were invited to join BRICS. Among them are Argentina, Egypt, Saudi Arabia, Iran, Ethiopia and the UAE.

The XV BRICS summit, which was held in August 2023 in Johannesburg, went down in history as the most representative one: more than 60 countries were invited to participate in its work.