Russian banker: BRICS should play bigger role in world system

Vladimir Alexandrovich Dmitriev, chairman of Vnesheconombank, the state corporation bank for development and foreign economic affairs of Russia, said enhanced economic power of the BRICS countries should entail an increased role for these counties' currencies in the international currency system, both on global and regional level.

"Given the specifics of financial institutions for development and their focus on long-term outcomes, we shall not have to stall and wait for the pending changes. Rather, we could actively engage in establishment of new currency markets."

He made the remarks at the BRICS Interbank Cooperation Mechanism Annual Meeting and Financial Forum themed as Finanical Cooperation for A Better Future held in Sanya on Wednesday.

"In the future, this (special drawing rights) new basket of currencies should include both the Chinese yuan and the Russian ruble and the currencies of other BRIC counties," he said, adding Russia ranks the third in the world in terms of foreign currency reserves after China and Japan.

"We recognize that such huge foreign currency reserves could secure the sustainability of the Russian national currency."

Dmitriev said the use of the Russian ruble in international settlements is also to be expanded, and the potential of Russian currency as legal tender for settlements on the territory of the commonwealth of independentt states (CIS) countries is far from being fully utilized.