Ambartsumyan V.N. The potential of establishing a financial system within the BRICS countries

Abstract: The subject of the research is the economic relations of the BRICS countries in the financial and credit area, as well as their status and role within International Monetary Systems (IMS). An important task for the alignment is to increase their role within IMS and to reform IMS taking into consideration the constant growth of the role of its countries in the global economy. Within the current IMS system, it is difficult for the BRICS countries along with other developing countries to defend their financial and economic interests. The author reviews a favorable vector for the IMS reform by including new financial institutions created by the BRICS alignment into the system. The main method of the scientific research is the method of comparison and analysis of the qualitative and quantitative factors, acquired through the course of monitoring the development of global currency relations. The author comes to a conclusion that the establishing of an international financial center by the BRCIS alignment is necessary, and can become a counterbalance to the West’s domination within IMS. Creating such counterbalance to the current financial system is the matter of national security for Russia and other members of the BRICS alignment. All these measures would contribute to raising the marketability of the BRICS countries’ economies and strengthening their influence on the global level in both, financial and political aspects.

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