BRICS Should Deepen Banking Links To Boost Local Currency Trade: Experts

BRICS countries can strengthen trade in local currencies and facilitate cross-border investments by deepening financial markets, strengthening banking linkages and putting in place robust risk-management mechanisms, experts said on Friday. They also said that linking fast-payment platforms and exploring interoperability among Central Bank Digital Currencies could make cross-border transactions faster, cheaper, and more secure. “One of the ways to establish this (strengthen trade in local currencies and facilitate cross-border investments) objective is to build on commitments to expand the use of local currencies in trade and investment, greater use of national currencies can support this objective, provided it is accompanied…