BRICS finance chiefs explore cross border payments ahead of summit
Right before their big New Delhi summit, BRICS finance chiefs got together to talk about making cross-border payments easier and cheaper.
They're exploring pragmatic solutions for efficient cross-border payment mechanisms, including discussions on promoting trade settlements and investments using local currencies, aiming to help countries do business without forcing everyone to follow the same rules.
BRICS press IMF World Bank NDB
BRICS finance ministers and central bank governors are also calling for updates at major financial institutions like the IMF and World Bank, so emerging economies get more say.
They highlighted the need for a quota-based IMF and stressed that the 2025 World Bank Shareholding Review should make things more inclusive.
Plus, they want the New Development Bank to focus on funding high-impact projects and support growth using local currencies, especially in BRICS countries and the Global South.