According to a statement from Russian President Vladimir Putin, the BRICS alliance is working to enhance its role in the “international monetary system.” Indeed, the initiative was set forth by Putin as he recently discussed the country’s chairmanship of the bloc that began on January 1st.
Overall, Putin laid for the alliance’s focus and priorities for the coming year. Among those, he noted the presence of the alliance in the global finance sector. Moreover, he shared the year’s motto; “strengthening multilateralism for equitable global development and security.”
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BRICS Seeking to Increase Role in International Finance Under Russia Chairmanship
A pivotal part of 2023 was the undeniable rise in the prevalence of the BRICS economic alliance. The bloc saw its most notable year of growth, with its initiatives being recognzied across the globe. Moreover, its expansion brought about massive geopolitical implications that aided its cause.
Now, as 2024 begins Russian Chairmanship for the alliance, the BRICS bloc is seeking to enhance its role within the international monetary system. Specifically, Russian President Vladimir Putin noted his hope for the alliance in the coming year. Identifying its place amid the global financial system as a key priority.
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“We will contribute to the practical implementation of the strategy for BRICS economic partnership 2025 and the action plan for BRICS innovation cooperation 2021-2024,” Putin stated. “Enhancing the role of BRICS in the international momentary system, expanding interbank cooperation and expanding the use of national currencies in mutual trade.”
The promotion of local currency use within international trade was a pivotal part of the bloc’s 2023 strategy. Moreover, those initiatives should continue onward into the new year with a renewed fervor. Conversely, the potential arrival of a BRICS currency at some point in 2024 is still in the cards. Such a development would contribute greatly to the bloc’s goals for its global monetary standing.
