Russia’s term as the BRICS presidency has concluded, with significant progress made in the financial sector. During this period, the Bank of Russia led efforts to coordinate central banks’ activities. One of the primary focuses was developing new cross-border settlement mechanisms. A project was introduced aimed at creating a supranational platform utilizing cashless funds, digital currencies from central banks, and digital financial assets. Additionally, member states explored potential developments for the BRICS settlement and depository infrastructure known as BRICS Clear.
Information security remains a critical issue for all BRICS countries. The Bank of Russia conducted the first cross-border cyber drills to assess central banks’ readiness against cross-border computer attacks. Furthermore, the BRICS Rapid Information Security Channel updated its E-Booklet regulatory reference document and released the third issue of best practices.
Efforts were also directed towards enhancing the BRICS Contingent Reserve Arrangement (CRA) mechanism. In this context, progress was made by amending governing documents and conducting a seventh test of the CRA mechanism. The amendment process is expected to conclude in 2025.
Regulators emphasized ongoing exchange of macroeconomic information among member states. In 2024, they released the fifth issue of the BRICS Economic Bulletin focused on economies operating under higher interest rates.
Countries identified potential cooperation areas in financing sustainable development. Central banks reviewed sustainability disclosure standards across BRICS nations and published a joint report. Most countries aim to develop these regulations further to ensure comparable standards are applied.
In terms of joint financial technology projects, central banks examined approaches for developing and regulating artificial intelligence applications in financial markets.
A notable achievement during this presidency was integrating new member states’ central banks into all cooperation formats within BRICS.
Brazil will assume the presidency in 2025.
