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Putin calls upon BRICS members to integrate payment systems

The move would make BRICS banking systems more resilient to external influence, Putin said

OSAKA, June 28. /TASS/. The integration of payment systems of the BRICS group of nations (Brazil, Russia, India, China and South Africa) will help to increase the security of financial transactions and contribute the transition to payments in national currencies, Russian President Vladimir Putin said at a meeting with his BRICS counterparts within the framework of the G20 summit in Osaka.

"Joint work to introduce the practice of using national currencies of our states in international payments looks promising. The integration of financial systems of the five nations and establishing an independent channel for exchange of messages between national banks could increase the security of financial operations," Putin said.

Putin said the issue was of extreme importance given the present-day situation, as it would make BRICS banking systems more resilient to external interference.

According to Putin, BRICS should play a more important role in the global financial system and to promote the reform of the International Monetary Fund.

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