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Monetary establishments in Brazil, India, China and South Africa could be linked to SPFS.
Russian President Vladimir Putin stated on Wednesday that banks from BRICS nations can freely hook up with the System for Switch of Monetary Messages (SPFS), Russia’s various to SWIFT.
Whereas addressing a BRICS enterprise discussion board, Putin stated that along with its BRICS companions – Brazil, India, China and South Africa – Russia is growing dependable options for worldwide funds.
“The Russian system for transmitting monetary messages is open to connecting banks from the 5 international locations,” he stated, including: “The geography of using the Russian fee system Mir is increasing.”
The Russian president additionally famous that work is underway to create a global reserve foreign money primarily based on a basket of BRICS currencies.
SPFS has related performance to SWIFT and permits the transmission of messages between monetary establishments in the identical format. It was created by the Financial institution of Russia as a substitute for the Belgium-based system in 2014, when Moscow was hit with Western sanctions over the battle in Ukraine.
In April, Russian Central Financial institution governor Elvira Nabiullina stated most Russian lenders and 52 international organizations from 12 international locations had obtained entry to SPFS, and that the regulator would maintain the id of fee system members secret.
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