Will discuss credit ratings, anti-money laundering platform in BRICS: Russian central bank governor

Moscow: Russia central bank governor Elvira Nabiullina on Tuesday said that the country will propose key initiatives to enhance cooperation among the BRICS countries in 2024 when it assumes the chairmanship of the bloc.

Nabiullina said the country would like to promote the topic of mutual recognition of ratings which is very important for mutual trade and investment, Xinhua news agency reported.

The country will also be putting forward an initiative to check money laundering of illicit funds as it has an experience in creating an anti-money laundering platform called “Know Your Customer,” which it is willing to share.

Russia, which took over the rotating chairmanship of BRICS for 2024 on January 1, also plans to build a settlement-depository infrastructure and create a common platform for training and exchange of experience for the BRICS countries.

The idea of creating supranational rating agencies that has been discussed both within BRICS and within the Eurasian Economic Union, is promising but involves “a lot of complex issues,” including who should be the founder, how to ensure the financing, and how to guarantee the independence and professionalism of the agency, Nabiullina said.

Nabiullina said that the mutual recognition of ratings will be faster and more practical.



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