BRICS Officially Announces Financial System Similar to SWIFT
The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape. The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance. BRICS can create a new payment system without incorporating the US dollar for transactions. Also Read: India Wants New BRICS Payment System To Bypass US Dollar JUST IN: Russia says the creation of a financial system similar to SWIFT will help create a new economic reality for BRICS countries. pic.twitter.com/GV9442G67B — BRICS News (@BRICSinfo) July 25, 2024 Local currencies will be used for trade settlements ending reliance on the US dollar once and for all. The BRICS payment system similar to SWIFT can break the global dominance of the US dollar. Read here to know how many sectors in the US wil...