The Central Bank of Russia reported on BRICS ministers of finance and central bank governors meeting in Rio de Janeiro to take stock of the BRICS financial track under Brazil’s presidency and to discuss priorities for further cooperation. Discussions covered the cross-border payment initiative, settlement and depository infrastructure, plans related to a reinsurance company, the Contingent Reserve Arrangement, transition finance, and member states’ information security. The BRICS Innovation Hub also considered prospects for central banks’ use of artificial intelligence and approaches to regulating AI in the BRICS financial market. Central bank experts are expected to continue their work in the second half of 2025, and India is set to assume the BRICS presidency in 2026.
Central Bank of Russia 2025-07-07
Central Bank of Russia joins BRICS finance and central bank leaders in reviewing Brazil presidency work on cross-border payments and financial infrastructure
The Central Bank of Russia reported on the BRICS finance ministers and central bank governors meeting in Rio de Janeiro, focusing on financial cooperation under Brazil's presidency. Key topics included cross-border payments, settlement infrastructure, reinsurance plans, the Contingent Reserve Arrangement, transition finance, and information security. The BRICS Innovation Hub also explored AI use and regulation in the financial market, with further expert work anticipated in late 2025 and India assuming the presidency in 2026.