• Iran to access “BRICS PAY” from January 1, 2024, following its inclusion in the BRICS group.
• The move aims to combat financial issues stemming from SWIFT’s exclusion due to US sanctions.

BRICS PAY: Iran’s Strategic Play in Global Banking

Amidst an evolving geopolitical landscape, Iran is poised to capitalize on its anticipated membership in the BRICS assembly of emergent economies. The nation has expressed interest in embracing “BRICS PAY”, the group’s electronic banking communication infrastructure, as an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, shared Mohammad Baqer Qalibaf, Speaker of the Iranian Parliament.

Addressing the Iranian parliament, Qalibaf unveiled plans for Iran to harness “BRICS PAY” starting January 1, 2024. This initiative emerges as a solution to circumvent the financial conundrums Iran has encountered due to SWIFT, a pivotal, Belgium-rooted financial communication service. Regrettably, SWIFT’s ties with Iran have been severed in preceding years, largely attributed to US-imposed sanctions on the Persian nation.

Shedding light on the matter, Qalibaf stressed the significant opportunities such a transition would unlock. By aligning more closely with prominent BRICS nations – Brazil, Russia, India, China, and South Africa – Iran aims to bolster its trade relations. These countries, he noted, already comprise approximately 30% of Iran’s total trade.

The Speaker’s revelations on “BRICS PAY” were delivered post his attendance at a BRICS parliamentary leaders’ gathering in South Africa, as covered by Press TV. He emphasized the potential of “BRICS PAY” in rejuvenating Iran’s global commerce engagements. Not just a tool for mitigating the SWIFT-induced setback, “BRICS PAY” can amplify Iran’s ambition to fortify and expand its global trade networks.

Furthermore, Qalibaf hailed the inception of this payment mechanism as a monumental stride for the BRICS consortium. “BRICS PAY” promises to smoothen trade processes, diminishing the reliance on Western-centric systems like SWIFT. The vision behind this system, as elaborated on the “BRICS PAY” official portal, is to empower businesses and consumers across and beyond the BRICS territories. It aims to enable secure, straightforward transactions in native currencies, striving concurrently to slash the intricacies and expenses tied to international payments.

Iran’s tilt towards “BRICS PAY” is not just a strategic move, but it also represents a broader shift in global financial power dynamics, as nations seek independence from traditionally dominant systems.

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