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BRICS countries not inventing separate payment system — Putin

BRICS countries are using the Russian system of financial information exchange created by the Central Bank and systems of other BRICS members, the head of state said

KAZAN, October 24. /TASS/. BRICS countries are not creating a separate payment system so far that will be an alternative to SWIFT, Russian President Vladimir Putin said at the press conference in conclusion of the BRICS Summit.

"Concerning SWIFT and any alternatives, we have not created and we are not creating any alternatives. Nevertheless, the issue is critical at present. The problem of settlements is one of key problems. That’s why we follow the path of using national currencies, it is well known," Putin said.

BRICS countries are using the Russian system of financial information exchange created by the Central Bank and systems of other BRICS members, the president said.

"We will develop this interaction. Nevertheless, we are not inventing so far any separate common system. What is in place is fundamentally sufficient. It is only needed to timely, in due time make relevant decisions at the administrative level. We have also discussed that with counterparts and will follow this path," Putin stressed.

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