OREANDA-NEWS BRICS will consider creating its own financial messaging system between members of the organization, similar to SWIFT. This was stated by Mohsen Karimi.

The relevant proposal of the Central bank of the Islamic Republic was included in the agenda. 

Karimi stressed that the BRICS member states, as "economically developing powers," need their own settlement mechanism to create a unified financial system. According to him, the Iranian side can play a huge role in this.

Earlier, the head of the Central Bank of Russia, Elvira Nabiullina, said that many countries are thinking about alternatives to the International Interbank System for transferring information and making SWIFT payments. This is due to the increased risks when using this system, she explained. The head of the regulator also added that a total of 159 foreign participants from 20 countries have joined the Russian Financial Messaging System so far.