BRICS Nations Strengthen National Currency Banking Links

BRICS countries, at a summit in Kazan, aim to deepen banking connections and settle financial transactions in their national currencies. Russian President Vladimir Putin highlighted settlement issues as key challenges the group is tackling, and declared the summit a success.

The recent BRICS summit in Kazan was marked by a keen emphasis on strengthening banking links among member states, with a focus on conducting transactions in national currencies. Russian President Vladimir Putin announced these developments on Thursday as the summit wrapped up.

Putin identified settlement issues as critical challenges that require resolution to facilitate smoother financial transactions between the nations. Efforts are underway to address these problems, which were a central point of discussion at the gathering.

Labeling the summit as a success, Putin reaffirmed the commitment of BRICS countries to enhance their economic cooperation. This initiative is expected to bolster intra-group trade and reduce dependency on external currency fluctuations.

(With inputs from agencies.)