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Monetary establishments in Brazil, India, China and South Africa may be related to SPFS
Russian President Vladimir Putin stated on Wednesday that banks from BRICS nations can freely connect with the System for Switch of Monetary Messages (SPFS), Russia’s various to SWIFT.
Whereas addressing a BRICS enterprise discussion board, Putin stated that along with its BRICS companions – Brazil, India, China and South Africa – Russia is creating dependable alternate options for worldwide funds.
“The Russian system for transmitting monetary messages is open to connecting banks from the 5 international locations,” he stated, including: “The geography of the usage of the Russian cost system Mir is increasing.”
The Russian president additionally famous that work is underway to create a global reserve forex based mostly on a basket of BRICS currencies.
READ MORE: China requires BRICS growth
SPFS has related performance to SWIFT and permits the transmission of messages between monetary establishments in the identical format. It was created by the Financial institution of Russia as a substitute for the Belgium-based system in 2014, when Moscow was hit with Western sanctions over the battle in Ukraine.
In April, Russian Central Financial institution governor Elvira Nabiullina stated most Russian lenders and 52 overseas organizations from 12 international locations had acquired entry to SPFS, and that the regulator would hold the identification of cost system members secret.
For extra tales on financial system & finance go to RT’s enterprise part
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