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The possibilities of making international settlements in national currencies were discussed by the participants of the BRICS Women’s Entrepreneurship Forum

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03 June 2024
Russia
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During the panel session «International Settlements in BRICS National Currencies: Main Opportunities and Challenges», representatives from Russia, China, South Africa, Iran and Zimbabwe discussed the main difficulties that arise when making settlements in national currencies, and also shared their proposals to increase the share of national currencies in international trade of the BRICS countries.

The general partner of the BRICS Women’s Entrepreneurship Forum was Sberbank.

The session was moderated by Dmitry Piskulov, Ph.D. in Economics, Director of International Projects, MOEX.

“International trade between the BRICS countries is growing, one of the main problems is in which currencies to make settlements and exchanges,” noted Dmitry Piskulov opening the panel discussion.

Daria Snitko, Vice President and Head of the Analytical Department of Gazprombank, in turn noted that settlements in national currencies require the creation of a pricing system in national currencies.

Minoo Kiani Rad, University Lecturer for Undergraduate Courses, University of Tehran and Khatam University, and Former Vice-Governor of Foreign Exchange at the Central Bank of the Islamic Republic of Iran presented her proposals for international settlements under sanctions based on Iran experience in this area.

“It is necessary to prepare the appropriate infrastructure for the use of national currencies, to create an alternative to the SWIFT system,” the speaker noted.

Lebogang Zulu, Chief Executive of Kokozu International, Board Chair of Africa Women’s Bank, and Executive Director of Kampara Group Holdings, Chairperson of the BRICS WBA South African Chapter, Dr. Mandas Marikanda, Chief Executive Officer of Zimbabwe Women’s Microfinance Bank, Secretariat Representative of BRICS WBA Zimbabwe Country Centre and Wang Hua, General Manager of Qingdao Hao Run Chemical Co, Ltd also shared their experience in financial area.

“Sanctions provide us with opportunities,” Dr. Mandas Marikanda, Chief Executive Officer of Zimbabwe Women’s Microfinance Bank, Secretariat Representative of BRICS WBA Zimbabwe Country Centre, said in her speech.

Summing up the discussion, all the speakers stressed the need to look for possible solutions and continue active work in the area of international settlements.

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