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Monetary establishments in Brazil, India, China and South Africa will be linked to SPFS
Russian President Vladimir Putin mentioned on Wednesday that banks from BRICS nations can freely connect with the System for Switch of Monetary Messages (SPFS), Russia’s various to SWIFT.
Whereas addressing a BRICS enterprise discussion board, Putin mentioned that along with its BRICS companions – Brazil, India, China and South Africa – Russia is growing dependable options for worldwide funds.
“The Russian system for transmitting monetary messages is open to connecting banks from the 5 nations,” he mentioned, including: “The geography of the usage of the Russian fee system Mir is increasing.”
The Russian president additionally famous that work is underway to create a global reserve foreign money primarily based on a basket of BRICS currencies.
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China requires BRICS enlargement
SPFS has related performance to SWIFT and permits the transmission of messages between monetary establishments in the identical format. It was created by the Financial institution of Russia as an alternative choice to the Belgium-based system in 2014, when Moscow was hit with Western sanctions over the battle in Ukraine.
In April, Russian Central Financial institution governor Elvira Nabiullina mentioned most Russian lenders and 52 overseas organizations from 12 nations had obtained entry to SPFS, and that the regulator would hold the identification of fee system members secret.
For extra tales on financial system & finance go to RT’s enterprise part
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