BRICS Deputy Ministers of Finance and Central Bank Governors Discuss Improving International Monetary and Financial System

The third meeting of BRICS Deputy Ministers of Finance and Central Bank Governors took place on the sidelines of the G20 meeting in Rio de Janeiro, Brazil, on 23 July as part Russia’s Chairship of BRICS.

During the joint Finance Ministry and Central Bank meeting, the participating countries reached preliminary agreements and discussed progress on the Russian Chairship’s main priority – how to improve the international monetary and financial system. The Russian Ministry of Finance and the Bank of Russia will present a Report to the BRICS leaders with a list of practical initiatives and recommendations to this end.

“Our chairship of BRICS will strengthen trade and business ties between our countries, develop innovative payment systems, and benefit developing countries by promoting the use of national currencies,” Russian Deputy Finance Minister Ivan Chebeskov said.

Participants also discussed a BRICS finance ministers and central bank governors draft joint statement, the provisions of which will be reflected in the declaration of the leaders.

The final meeting of BRICS finance ministers and central bank governors is slated for October 2024 in Moscow.

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