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BRICS needs single settlement mechanism — Putin

According to the president, it is necessary to understand what is happening with the national currencies, keeping in mind macroeconomic indicators of the economies

SOCHI, October 5. /TASS/. BRICS member-states should now work on a single payment mechanism and move to payments in national currencies, Russian President Vladimir Putin said at the plenary session of the Valdai Discussion Club.

"As regards BRICS, we do not need to create a single currency now but we need to set up the system of payments - create financial logistics, in order to explain settlements between our countries. To move to payments in national currencies," the head of state said.

"At the same time, we should understand what is happening with our national currencies. Macroeconomic indicators of our economies should be kept in mind in this case, exchange rate differences and inflation processes - the situation is challenging but it can be tackled; there is a need to work on it," Putin added.

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