BRICS Deputy Finance Ministers and Central Bank Governors Met via Videoconference

On 7 February Deputy Finance Ministers and Deputy Central Bank Governors of BRICS countries met via videoconference as part of Russia's Chairship. It was the first such financial event for representatives of the countries that became full members of BRICS on 1 January 2024.

Deputy Minister of Finance of the Russian Federation Ivan Chebeskov and First Deputy Governor of the Bank of Russia Vladimir Chistyukhin spoke about the financial priorities of Russia's Chairship and presented a flagship initiative to improve the international monetary and financial system. A report will be prepared on the results of a study carried out by the Ministry of Finance and the Bank of Russia in coordination with BRICS partners and will contain a list of initiatives, recommendations, and practical measures.

During the event the participants discussed issues related to customs and tax co-operation in BRICS, blended financing for infrastructure projects, the launch of a BRICS Financial Research Network, and collaboration in financial sphere within the BRICS Business Council.

The Bank of Russia presented its priority areas for financial cooperation as part of the session devoted to the issues facing BRICS countries’ central banks:

1. Improving the BRICS Contingent Reserve Arrangement (CRA) and issuing the next BRICS Economic Bulletin in light of higher interest rates;
2. Interaction on payments:
3. Ensuring information security in the financial sector;
4. Application of financial technologies;
5. Issues facing transitional finance and sustainable development;
6. Creating a platform for public events, seminars, and roundtables.

Among other topics were the importance of increasing the use of national currencies for mutual settlements, creating an independent and accessible financial infrastructure, increasing co-operation on credit ratings, combating money laundering and financing of terrorists.

The priority task for the Bank of Russia in 2024 is smooth financial integration of the central banks of the new BRICS members and improved cooperation among experts.

Meeting participants endorsed the priorities of Russia’s Chairship and expressed willingness to participate in their development.

The next BRICS meeting of Finance Ministers and Central Bank Governors is scheduled for 27 February.

The Roscongress Foundation manages the events of Russia's BRICS Chairship.