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BRICS countries working on their SWIFT alternative — Putin

Opportunities are also being explored of broadening the use of national currencies and creating instruments enabling to make this work safe, the Russian leader noted

NOVO-OGAREVO, October 18. /TASS/. BRICS countries are now working on organizing the exchange of financial information between central banks, Russian President Vladimir Putin said at the meeting with the heads of leading BRICS media.

"This is the exchange of financial information among central banks. An alternative to SWIFT, the one supporting international settlements," the head of state said.

Opportunities are also being explored of broadening the use of national currencies and creating instruments enabling to make this work safe, Putin noted. "As I have already mentioned, we are considering an opportunity of using electronic instruments. [There is a] need and such work is underway - to establish relations between central banks and ensure reliable exchange of financial information that would be independent from those international instruments of financial information exchange that introduce certain restrictions for political reasons and violate principles of the global economy," he added.

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