The Minister of Economy and Finance stated that one of the most important topics discussed at the Second Meeting of Economy Ministers and Central Bank Governors of BRICS member countries was the use of local currencies, the development of payment systems and domestic financial messengers, as well as strengthening economic coordination among BRICS members.
According to an IRNA report from the Ministry of Economy, Seyed Ali Madanizadeh, who visited India to participate in the BRICS summit, it was noted that the final declaration of the Second Meeting was approved by consensus, and all countries agreed with the provisions of this document.
He emphasized that key topics discussed included the use of national currencies, increasing economic cooperation, and the application of payment systems and internal messaging systems within BRICS.
The Minister expressed hope that the outcomes of this meeting would be useful for all regional countries, especially the Islamic Republic of Iran, and noted that BRICS' joint cooperation in investment and development is forming a new pole in the global financial and economic system.
Madanizadeh added that such cooperation can significantly contribute to attracting investments, particularly in the infrastructure sector.
He also highlighted the need for broader use of local currencies and reducing dependence on the dollar and Western currencies, calling this particularly important for a sanctioned country, as it can help solve economic problems through the use of local currencies and international payment system capabilities.
The Minister of Economy specifically stressed that this issue will be one of the significant achievements for the country, and it was emphasized during negotiations held in Russia and India.
Continuing his speech, Madanizadeh reported that during the negotiations in Russia and India, great attention was paid to the potential of the North-South corridor, as the cost of transporting goods along this route will be very low, which interests various countries.
He specified that significant efforts have been made domestically to complete the construction of this corridor, for which substantial funds have been spent. Furthermore, neighboring states, especially Russia, are investing in this area.
The Minister expressed confidence that after the completion of the North-South corridor, there will be significant progress in transit and the movement of goods through Iran, and the country's potential in this area will be fully utilized.
The Central Bank of the Islamic Republic of Iran called at the Second Meeting of Finance Ministers and Central Bank Governors of BRICS to focus the financial course of BRICS on practical projects. Special attention should be paid to developing cross-border payment solutions, interconnecting fast payment systems, cooperation in central bank digital currencies, and enhancing the interoperability of financial messaging systems.
According to IRNA Central Bank data, the positions of the Central Bank of the Islamic Republic of Iran were presented at this meeting. With the support of the meeting's joint statement, special attention was paid to the need to strengthen financial and economic interaction among BRICS members amid growing geopolitical tensions, global economic fragmentation, and escalating financial vulnerabilities.
It should be noted that Abolfazl Kudei, Deputy for International Relations of the Central Bank, participated in the Second Meeting of Finance Ministers and Central Bank Governors of BRICS online from the Islamic Republic of Iran Central Bank.
The meeting also discussed the importance of expanding the membership of the New Development Bank, with emphasis placed on simplifying and accelerating the review of applications from new countries in accordance with the bank's established procedures.
The Central Bank also deemed it necessary to reform the structure of quotas and the governance system of the International Monetary Fund, calling for an increase in the share and role of developing economies and countries in decision-making at this institution.
Among other requests put forward by the Central Bank at this meeting, greater attention was drawn to practical projects within the BRICS financial agenda, including the development of cross-border payments, connecting fast payment systems, cooperation in central bank digital currencies, and improving the interoperability of financial messaging systems.
It was also mentioned that future priorities for BRICS financial cooperation include developing settlements in trade and investment using national currencies, as well as strengthening technical cooperation between central banks in the fields of financial technology, cybersecurity, and capacity building.
In conclusion, the Central Bank stated its readiness to constructively participate in deepening practical, inclusive, and mutually beneficial financial cooperation among BRICS members.