BRICS finance ministers and heads of the nations' central banks are working on creating a unified platform for BRICS currencies and a payment system, South African President Cyril Ramaphosa announced on Thursday, while speaking at the National Council of Provinces.
According to the South African President, the issue is being submitted to the upcoming 2024 BRICS Summit.
Ramaphosa has also revealed that the BRICS group intends to further expand the use of national currencies of member states in international trade.
Apart from that, the South African president noted that the BRICS Development Bank is expanding the issuance of bonds in the national currencies of the countries of the association, which is "very beneficial", including for South Africa.
In August, during the BRICS Summit, which took place in the South African city of Johannesburg, Ramaphosa announced that the BRICS leaders had instructed their finance ministers to consider the issue of local currencies and payment instruments.
"As BRICS, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture. In this regard, BRICS leaders have tasked their finance ministers and central bank governors ... to consider the issue of local currencies, payment instruments and platforms," Ramaphosa said at the BRICS summit in South Africa, adding that they need to report back by the next summit.
The South African president also noted at the time that the leaders of the BRICS countries believe that the time has come to use local currencies and alternative payment systems.
"There is global momentum to use of local currencies, alternative financial arrangements and alternative payment systems. As BRICS we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture," Ramaphosa said at the BRICS Summit media briefing.