Financial institutions from Asia, Latin America, the Middle East, and Africa are actively deepening connections with Russian banks. This enables businesses to make direct payments without intermediary banks, reducing international transaction costs. Elena Marchuk, Deputy Chair of the Executive Board at Russia's National Savings Bank, highlighted the special role BRICS nations play in this transformation.
"Banks in Asia, Latin America, the Middle East, and Africa are forging closer ties with Russian financial institutions," Marchuk stated. She added that the recent BRICS Summit has reinforced member states' commitment to developing national currency settlements and independent financial communication channels.
According to Marchuk, market evolution will depend on how quickly stable payment corridors can be established within #BRICS and other friendly alliances.
"In the coming years, we'll see direct correspondent relationships between Russian and BRICS banks multiply, while international payment costs will continue to decline," she projected.
#NEWS #finance
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