BRICS as a driving force of changes in the world monetary and financial system aimed at the transition to settlements in national currencies

Aim. To determine the place and development potential of BRICS (interstate association of Brazil, Russia, India, China, South Africa) in the global monetary and financial system.

Objectives. To analyze the BRICS contribution to the world economy; to assess the role of the BRICS currencies in the modern monetary and financial system; to identify areas for strengthening the role of the BRICS in the monetary and financial system; to assess the BRICS actions aimed at reducing its dependence on world currencies in favor of national currencies; to characterize the obstacles to integration and strengthening the role of the BRICS.

Methods. With the help of general methods of scientific knowledge, graphic and tabular analysis the state at the present stage and the potential of BRICS development in the world economy and monetary and financial system are considered.

Results. In the 15 years since the BRICS were established, the contribution to the world economy of the member countries has increased significantly, while their role in the global currency market remains not so significant. At the same time, since its establishment, one of the most important objectives of the BRICS has been to reform the existing global monetary and financial system, via strengthening the role of the association and shifting from global currencies to the national currencies of the member countries.

Conclusions. Over the past few years, the BRICS countries have taken a number of measures aimed at de-dollarization, both at the level of individual countries and at the level of the association. In particular, the countries have made no secret of their intention to create a payment system based on digital currencies that is autonomous from the Western financial infrastructure, which would undoubtedly facilitate a faster transition to settlements in national currencies. Despite the difficulties for the monetary and financial integration of the BRICS countries, BRICS has great potential to influence the global monetary and financial system due to its growing economic power and the prompt development of the financial technology sector in recent years.

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