The BRICS deputy finance ministers and central bank governors convened to discuss the current outcomes of the group's financial track. The meeting saw participation from Bank of Russia First Deputy Governor Vladimir Chistyukhin and Deputy Finance Minister of the Russian Federation Ivan Chebeskov.
Among the topics of shared interest for regulators and finance ministries, participants deliberated on the structure of the BRICS report aimed at enhancing the international foreign exchange and financial system. They also discussed financial cooperation within the BRICS Business Council and explored opportunities for establishing an independent cross-border settlement and depository infrastructure among BRICS countries.
Vladimir Chistyukhin highlighted the significance of studying the industry's legal framework, a project initiated by the Russian regulator alongside mandates from BRICS central banks and national depositories.
During a session focused on collaboration among BRICS central banks, several priority areas were identified by the Bank of Russia:
- Developing cooperation in payments;
- Enhancing the mechanism of the BRICS Contingent Reserve Arrangement and preparing for the fifth issue of the Economic Bulletin on BRICS economies amid elevated interest rates;
- Ensuring information security in finance with plans for cross-border cyber trainings;
- Conducting joint studies on artificial intelligence usage and remote identification systems operations;
- Transition financing (adaptation) along with approaches to disclosing information on sustainable development;
- Organizing dedicated events, workshops, and round tables under Russia's chairmanship of BRICS.
The Bank of Russia is working towards gradually integrating new members' central banks into its financial track initiatives. In 2024, this includes active engagement from central banks in UAE, Egypt, Ethiopia, and Iran in all proposals put forth by the Russian regulator.
The next meeting at this level is scheduled for July 23, 2024, in Rio de Janeiro (Brazil), coinciding with G20 events.
___