... exchange reserves and deny borrowers access to international debt and equity financing.
Fifth
, the digitalization of global finance. The rise of financial technology (Fintech) is increasing tensions in international settlements rather than easing them.... ... increasingly difficult. In this regard, participants in international transactions are actively exploring the potential of using cryptocurrencies to make secure payments. Cryptocurrencies undoubtedly offer an interesting avenue for developing a decentralized system ...
...
http://brics2023.gov.za/wp-content/uploads/2023/08/Jhb-II-Declaration-24-August-2023-1.pdf
49
. Chernyshova E. (2024). Russian Central Bank named the share of the ruble in settlements with Europe, America and Asia for 2023. RBK. URL:
https://www.rbc.ru/finances/16/03/2024/65f45fa79a794799ecb01059
50
. Sputnik (2024). Settlements between EAEU countries in different currencies in 2023. URL:
https://am.sputniknews.ru/20240524/raschety-mezhdu-stranami-eaes-v-raznykh-valyutakh-v-2023-g-76194679.html
51
. Bank for International Settlements. (2022a). Triennial Central Bank Survey 2022. URL: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/
...
... in trade and financial transactions, both within the BRICS and with trading partners in third countries was emphasised. There was also support for strengthening correspondent banking relations between the BRICS countries for settlements in national currencies. The finance ministers and heads of central banks of the BRICS countries were instructed to work on this issue for the next summit; that is, they will have to report on the results within the framework of the Russian Chairmanship and the BRICS Summit in Kazan....
... the current circumstances, to take a place in the global financial system that would correspond to their contribution to the real sector of the world economy? To answer this question, we need to consider the grouping’s current positioning in global finance.
Foreign exchange markets
The international foreign exchange market (FOREX) is the backbone of the global financial system. It is here that the virtual value of world currencies as key reserve assets is determined based on exchange quotations. As reported by the Bank for International Settlements, the daily turnover at FOREX exceeded USD 7.5 trillion in April 2022. The share of the U.S. dollar in the structure of foreign ...
... indicating a gap of between Russian traders’ settlement currency choice and BRICS de-dollarization priorities.
To explain this phenomenon in greater detail, Karataev et al. outlined two key fundamental market barriers preventing the use of national currencies for BRICS trade finance specifically which need to be overcome as a supplement intra-BRICS currency swaps:
1. Currency Volatility:
Exchange rate fluctuations create uncertainty in optimizing settlement pricing and profitability at time of contract fulfilment from both ...
...
The merits for accelerating and expanding the scope of NDB are not only inherent in the form of more elasticity for national currencies but also bringing Asia Pacific (China), Eurasia (Europe), India (Sub-Continent), Middle East or West Asia (Iran) Africa ... ... America (Brazil) together. An immediate intra-continental set of synergies will emerge through issuing bonds, loans and even trade finance.
Some of the GCC countries also share the R in their Rials in KSA and Qatar. But they cannot contemplate being in this ...
