BRICS to create alternative to SWIFT

BRICS is exactly the association that can assume responsibility for mitigating almost any consequences of the global crisis, Andrey Margolin added

BRICS countries will soon create a system of mutual payments as an alternative to SWIFT, pro-rector of the Russian Presidential Academy of National Economy and Public Administration Andrey Margolin said at the BRICS International Financial and Economic Forum.

“I have no doubts that an alternative payment system will be created within the BRICS framework. We are not ready yet to talks about a single currency – probably in the long run,” the expert said. “However, the payment system alternative to SWIFT, which will be attractive for the most different countries of the world, is almost coming. And this is what we should work on together,” Margolin noted.

BRICS is exactly the association that can assume responsibility for mitigating almost any consequences of the global crisis, he added.

The BRICS International Financial and Economic Forum is being held from May 27 to 28.