BRICS may set up SWIFT analogue

The BRICS leadership may set up the group's own equivalent to the SWIFT payment system, deputy head of the Iranian Central Bank Mohsen Karimi said.

The payment system's creation was proposed by the Iranian central bank.

"The proposals of the Iranian central bank on the creation of a system for exchanging financial messages between members of the organization [similar to SWIFT], combating money laundering and financing of terrorism [similar to FATF] and international credit rating institutions for BRICS members were accepted by the organization on the agenda," Mohsen Karimi said.

He stressed that the BRICS member states, as the largest emerging economies, need to establish a settlement mechanism to achieve a unified financial system.

Karimi noted that "the Iranian side can play a huge role" in this process.