Some “BRICS News” Saturday 9-21-2024
BRICS Intra-bank System Shocked the World Bank: Is It the End of Dollar?
Fastepo: 9-20-2024
In recent weeks, BRICS has made considerable strides, underlining its expanding influence on the global stage in both financial systems and its growing membership.
This video delves into the latest key developments within the BRICS bloc, from the launch of a new intra-bank settlement system to streamline cross-border transactions, to the surge in trade volumes among member nations.
We also discuss the growing number of countries applying for membership, reflecting BRICS' rising appeal as a counterbalance to Western-led economic institutions.
One of the significant updates involves the formal integration of Algeria into the BRICS New Development Bank (NDB). Algeria's membership reflects BRICS' ongoing effort to strengthen its financial institutions and provide alternatives to Western-dominated bodies like the IMF and World Bank.
This move also aligns with BRICS' broader aim of diversifying economic partnerships and reducing dependency on the U.S. dollar.
Another major news about BRICS is the Launch of Intrabank system.
Russia and Iran have significantly deepened their economic ties by linking 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 the two nations to conduct financial transactions in their own currencies, the ruble and rial, bypassing the U.S. dollar and the SWIFT network. This shift is part of a broader effort to enhance economic sovereignty and circumvent Western sanctions, which have heavily restricted both countries' access to international financial systems.
BRICS Confirms 159 Participants Will Adopt New Payment System
Afro Page: 9-21-2024
Breaking news: BRICS has officially confirmed that 159 countries will be adopting a new global payment system, revolutionizing international finance! In this video, we dive into how this new system aims to reduce reliance on traditional currencies like the US dollar, strengthen economic ties among BRICS nations, and reshape the global economy.
Learn what this means for international trade, the financial market, and how it could impact the future of global transactions.