Shafaqna English- Iranian President Masoud Pezeshkian has urged the expansion of national currency use in intra-BRICS trade.
During his speech at the BRICS Economic Summit of Heads of State in New Delhi on Friday, Pezeshkian emphasised that adopting national currencies requires establishing mechanisms for managing currency risk and mutual settlement, as the current financial system is vulnerable to political shocks due to its reliance on a few currencies.
Highlighting the US and Israeli regimes’ war against Iran, he stated that this aggression demonstrated once again that economic security is intertwined with national and regional security, affecting regional stability and potentially the global economy.
He also proposed creating a joint BRICS insurance company with an initial capital of $10 billion to mitigate risks related to major infrastructure and energy projects.
Iran, endowed with vast energy reserves and a strategic geographic position, is ready to serve as a key partner in BRICS energy, food, and transportation supply chains, the president added.
Pezeshkian reaffirmed Iran’s willingness to collaborate with all BRICS members to build a more open, resilient, and equitable economy.
Sources: lRNA