The third regular meeting of the BRICS deputy finance ministers and central bank governors took place in Rio de Janeiro, Brazil, on July 23. The primary focus of the joint session was a report from the BRICS countries on improving the global monetary and financial system. The report offers practical solutions for payments, settlements, clearing, and insurance.
Representatives from the participating countries also discussed their perspectives on the draft joint communiqué of the finance ministers and central bank governors, which is set to be adopted in October.
The Bank of Russia updated its partners on progress in priority areas of cooperation among central banks in 2024 and outlined upcoming events. Notably, cross-border cyber trainings for central banks are scheduled for August-September, while the fifth economic bulletin titled "BRICS Economies in a High Interest Rate Environment" will be published between October and November. High-level events will address topics such as artificial intelligence use in financial markets and social aspects of sustainable development. The Bank of Russia highlighted that new BRICS member states' central banks are fully engaged in these initiatives.
The next meeting of BRICS deputy finance ministers and central bank governors is planned for October in Moscow.