Iran is set to join the BRICS assembly of emergent economies, and is looking to capitalize on its membership by utilizing the group’s electronic banking communication infrastructure, “BRICS PAY”, as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system. Mohammad Baqer Qalibaf, Speaker of the Iranian Parliament, announced plans for Iran to access “BRICS PAY” starting January 1, 2024. This move is in response to US-imposed sanctions on Iran, which have severed ties with SWIFT.Qalibaf highlighted the potential opportunities this transition would bring, such as closer trade relations with the other BRICS nations – Brazil, Russia, India, China, and South Africa – which already comprise approximately 30% of Iran’s total trade. He also noted the significance of “BRICS PAY” in rejuvenating Iran’s global commerce engagements, and in diminishing the reliance on Western-centric systems like SWIFT.The “BRICS PAY” system is designed to empower businesses and consumers across and beyond the BRICS territories, enabling secure, straightforward transactions in native currencies, while striving to reduce the complexities and expenses associated with international payments.Iran’s move towards “BRICS PAY” is indicative of a broader shift in global financial power dynamics, as nations seek independence from traditionally dominant systems.

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Information	Details
Geography	Asia
Countries	🇧🇷 🇮🇳 🇨🇳 🇿🇦 🇺🇸
Sentiment	neutral
Relevance Score	8
People	Press TV, US, South Africa, Mohammad Baqer Qalibaf, Qalibaf
Companies	Press TV, Coinbase, Society for Worldwide Interbank Financial Telecommunication (SWIFT), BRICS, BRICS PAY
Currencies	None
Securities	None