Creation of SWIFT analog by BRICS nations 'interesting' - Russian Central Bank
MOSCOW. May 29 (Interfax) - The Central Bank of Russia does not rule out the possibility of the BRICS nations forming a system analogous to SWIFT, Central Bank Deputy Governor Olga Skorobogatova said during a working group meeting in the State Duma on Friday.
There is currently no analog to SWIFT, she said. "A topic that might be of interest for all of us in the context of BRICS is examining this and discussing the possibility of creating a system that would cover the BRICS countries," she said.
The internet could serve as a reserve channel in the event Russia is cut off from SWIFT, she said.
"From the standpoint of short-term items, the only reserve channel is the internet channel, if there is a confidentiality agreement with the banks. But that is still not the same speed or volume. You can switch to this channel, but to process the mass of transactions in the same timely fashion as SWIFT is physically impossible," she said.