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BRICS PAY or BRICS Pay is a decentralized and independent payment messaging mechanism system that is affiliated with the BRICS organization. [1] [2] System
BRICS is an intergovernmental organization consisting of ten countries—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Map of BRICS members and prospective members. The original member states of BRICS, an international organization of world economies, consisted of Brazil, Russia, India, and China. South Africa formally joined in 2010 and attended the 3rd BRICS summit.
BRICS members introduced a payment system named BRICS Pay designed to facilitate transactions and the interchange of financial information between central banks of partnered nations, serving as an alternative to the Western interbank system SWIFT. [2] This system will facilitate international settlements. [3] [4] [5]
BRICS PAY; BRICS Universities League; D. New Development Bank; M. Member states of BRICS; R. Dilma Rousseff; U. BRICS U-17 Football Cup
On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank. [2] In a separate agreement, a reserve currency pool worth $100 billion was set up by BRICS members. [8]
The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed in Fortaleza, Brazil, on 15 July 2014. It entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015. The objective of this reserve is to provide protection against global liquidity pressures.
The 2025 BRICS summit will be the seventeenth annual BRICS summit, held in Rio de Janeiro, Brazil. [2] [3] Expected leaders Brazil Luiz Inácio Lula da Silva, ...