BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?
BRICS Intra-bank System Shook The World Bank and IMF: Is Dollar Finished?
Fastepo: 10-4-2024
Another significant development is the launch of an intrabank system that demonstrates BRICS’ commitment to creating practical solutions for its members.
Russia and Iran have deepened their economic ties by connecting their national payment systems—Russia’s SPFS (System for Transfer of Financial Messages) and Iran’s SEPAM (System for Electronic Payment Messaging).
This integration allows both countries to conduct financial transactions in their own currencies, the ruble and the rial, bypassing the U.S. dollar and the SWIFT network.
The initiative is part of a larger effort to enhance economic sovereignty and circumvent Western sanctions that have limited both nations’ access to international financial systems.
Now, let’s discuss the dedollarization efforts by BRICS. The movement to reduce reliance on the U.S. dollar across the Global South is gaining momentum, particularly through initiatives led by major emerging economies like the BRICS bloc.
This surge in dedollarization is driven by the desire for financial independence and the need to mitigate risks associated with external sanctions.