Rio de Janeiro recently hosted a significant meeting involving the ministers of finance and central bank governors from BRICS member states, along with their deputies. The gathering focused on summarizing the financial track results achieved during Brazil’s presidency and exploring future cooperation.
The discussions revolved around several key areas: the cross-border payment initiative, settlement and depository infrastructure, the reinsurance company, the Contingent Reserve Arrangement, transition finance, and information security for member states. Additionally, the BRICS Innovation Hub tackled issues related to the potential use of artificial intelligence (AI) by central banks and approaches to regulating AI within the BRICS financial market.
Gulnara Khaidarshina, Director of the Bank of Russia Department for Cooperation with International Organisations, remarked on how shared priorities and trust have enabled BRICS to develop expert interaction and serve as an example of effective international cooperation.
Looking ahead, experts from central banks will continue their collaboration in the second half of 2025. India is set to assume the BRICS presidency in 2026.
