Highlighting the importance of BRICS Pay, this country will replace SWIFT

A conference between Iran and BRICS was held on August 8 in the capital Tehran. (Source: Tasminnews)

Speaking at an open session of the parliament, Ghalibaf stressed the importance of activating the BRICS Pay payment system as 30% of Iran's transactions are made with China, Russia, India and South Africa.

He said non-BRICS countries could also use this interbank payment system.

BRICS Pay is a digital payment system built by BRICS member countries to reduce the costs and complexity of international payments.

This system allows businesses and consumers to conduct transactions in local currency safely and efficiently.

According to the plan, Iran will become a BRICS member from January 2024, along with 5 other countries including Argentina, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates (UAE).

BRICS currently contributes 24% of global GDP and 16% of the world's exports of goods and services.