The Deputy for International Affairs of the Central Bank of the Islamic Republic of Iran called on BRICS member countries to use local currencies in their trade exchanges instead of the dollar and euro.
Speaking at the third meeting of the Deputy Governors of Financial Affairs and Central Banks of BRICS member countries in Rio de Janeiro, Brazil, Mohsen Karimi emphasized the necessity of reducing reliance on the dollar and euro among BRICS members.
He stated that to achieve this common goal, BRICS members could use local currencies in their exchanges.
Karimi, who participated virtually in the Rio de Janeiro meeting, added that the Central Bank of the Islamic Republic of Iran is ready to participate in the project known as the “BRICS Bridge.” The BRICS team from Russia has proposed initiating research on the “BRICS Bridge.”
He emphasized that facilitating bilateral swap lines and reducing banking costs in exchanges among BRICS members are among the advantages of creating the BRICS Bridge.
The Deputy for International Affairs of the Central Bank of Iran also highlighted that the implementation of the BRICS Bridge mechanism has the potential to enhance anti-money laundering and counter-terrorist financing efforts among BRICS countries.
According to fars news, The Iranian official also announced the readiness of the Islamic Republic of Iran to participate in BRICS cyber drills.
The intergovernmental organization BRICS is comprised of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.
