Iran Press/Europe: In an interview with IRNA in Moscow, Jalali explained that the proposal comes in response to the increasing number of countries facing sanctions globally.
He criticized Western nations, particularly the United States, for using sanctions as a weapon and highlighted the severe impact of banking and financial sanctions.
Jalali noted that many international financial mechanisms are concentrated in the West, citing the FATF (Financial Action Task Force) as an example, which is primarily based in France and the United States. Other financial mechanisms follow a similar pattern.
According to Jalali, BRICS members could enhance their cooperation by designing new financial and banking mechanisms for mutual exchanges. He revealed that when Iran presented this idea to Russian officials (current chair of BRICS for 2024) and other member countries, it was met with enthusiasm.
He added that the proposed new financial mechanisms for BRICS could include connecting member countries' messaging systems and addressing issues like anti-money laundering, effectively localizing these mechanisms.
Jalali clarified that this does not mean nationalizing these mechanisms but rather empowering independent and influential countries in the global economy to create new systems and organizations.
With most global financial transactions conducted in Dollars, followed by euros and yuan, Jalali emphasized a serious commitment among BRICS countries to step towards de-Dollarization. He reminded that Iran has previously pursued the idea of working with national currencies and alternative currencies to the dollar, a concept also discussed by Russian President Vladimir Putin.
Currently, the idea of BRICS adopting a separate currency is under study. Jalali believes that such a move could significantly impact the de-dollarization process, given the influence of BRICS countries in the global economy.
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