Guedes’s secretary criticizes Swift and talks about looking for a parallel system | Economy

Guedes's secretary criticizes Swift and talks about looking for a parallel system |  Economy
Reconstruction 04/15/2022

Guidez’s secretary criticizes Swift and talks about seeking a parallel system

Said Erivaldo Alfredo Gomez, secretary of the Ministry of Finance’s International Economic Affairs. Swift payment system,
Used by financial institutions and countries for financial transactions, it is bureaucratic, expensive and time consuming. The statement came after Russia suggested that the BRICS (a group comprising Brazil, Russia, India, China and South Africa) integrate payment systems.

The Secretary-General stated that Brazil’s position on the issue is to improve Swift and make it more efficient or create a new global payment system.

“Swift is bureaucratic, expensive and time consuming. It does not meet the needs of today’s economy. It’s meaningful to discuss how to set up a new payment platform.

He added: “It works well, it’s reliable, but it does not have the dynamism that the world needs.” According to Gomez, payments made by the Brazilian government can take up to three days to invest in international organizations in other countries.

The Brazilian envoy’s statement came after Russian Finance Minister Anton Silvanov called on BRICS member states to expand the use of national currencies and to integrate payment systems for further cooperation.

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