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Russia says BRICS nations favor idea of common payment system
Will they ever stop talking and start doing?
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By Andrey Ostroukh
Thursday, November 14, 2019
MOSCOW -- Brazil, Russia, India, China, and South Africa, a group of major emerging economies known as BRICS, back the idea of developing a common payment system, a Russian official said on Thursday.
Russia and its BRICS peers have been looking for ways to decrease their dependence on the U.S. dollar and have advocated using their national currencies in mutual trade.
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Kirill Dmitriev, the head of the Russian Direct Investment Fund, said "increasing non-market risks of the global payment infrastructure" was behind the plan to integrate the group's national payment systems.
"An efficient BRICS payment system can encourage payments in national currencies and ensure sustainable payments and investments among our countries, which make up over 20% of the global inflow of foreign direct investment," Dmitriev, a member of the BRICS Business Council, told reporters. ...
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