The Central Bank of Russia published an overview of outcomes from Russia’s BRICS presidency on the financial track, where it coordinated cooperation among BRICS central banks. Key deliverables focused on developing new cross-border settlement mechanisms, strengthening cyber and information security coordination, and advancing reforms to the BRICS Contingent Reserve Arrangement. On payments, a project was presented to create a supranational platform using cashless funds, central banks’ digital currencies, and digital financial assets, alongside work on options to develop BRICS settlement and depository infrastructure under “BRICS Clear”. On information security, central banks conducted the first cross-border cyber drills, while the BRICS Rapid Information Security Channel updated its E-Booklet regulatory reference and issued a third set of best practices. For the Contingent Reserve Arrangement (CRA), central banks progressed amendments to governing documents and carried out a seventh test of the mechanism. The CRA amendment process is expected to be completed in 2025, when Brazil will assume the BRICS presidency.
Central Bank of Russia 2025-01-09
Central Bank of Russia concludes BRICS financial track with work on supranational settlements platform and CRA reforms
The Central Bank of Russia reported on the outcomes of Russia's BRICS presidency, highlighting cooperation among BRICS central banks. Key achievements include developing cross-border settlement mechanisms, enhancing cyber and information security coordination, and advancing reforms to the BRICS Contingent Reserve Arrangement. Notable projects include a supranational payment platform and the first cross-border cyber drills.