In an interview with Russia Today (RT), Farzin noted that significant financial and monetary agreements have been made within the BRICS group of emerging economies.
He emphasized the ongoing efforts to ditch the dollar and instead use local currencies in trade transactions.
“The current global financial system is primarily based on the International Monetary Fund (IMF), the World Bank, and Western countries,” Farzin said.
“The world is now seeking alternative arrangements,” he added.
The CBI governor said he was confident such arrangements would be established among BRICS member states.
The second meeting of the central bank governors of BRICS member countries took place last Friday in Moscow, Farzin took part in the discussions.
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