{"id":668021,"date":"2025-07-08T00:00:00","date_gmt":"2025-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/08\/brics-alternative-payment-system-seems-to-drag-on\/"},"modified":"2025-07-08T00:00:00","modified_gmt":"2025-07-08T00:00:00","slug":"brics-alternative-payment-system-seems-to-drag-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/08\/brics-alternative-payment-system-seems-to-drag-on\/","title":{"rendered":"Brics\u2019 alternative payment system seems to drag on"},"content":{"rendered":"

Progress on Brics\u2019 cross-border payments system has stalled, <\/strong>despite a decade of discussions, Bloomberg<\/a> reported yesterday. Leaders reaffirmed their commitment to continue talks on the initiative during the Brics summit in Brazil, but acknowledged the slow pace amid the challenges of a rapidly changing global trade environment.<\/p>\n

SOUND SMART- <\/strong>Brics Pay is a financial system that, if developed, would allow Brics nations to trade directly with one another using their own local currencies, instead of relying on the USD. The system\u2019s goal is to create an independent financial network that is separate from the US-dominated Swift system.<\/p>\n

A window of opportunity: <\/strong>The USD has its worst start to a year since 1973, pressured by US President Donald Trump\u2019s trade policies and critiques of the Federal Reserve, creating a potential opening for alternatives. <\/p>\n

So, what\u2019s the hold-up? <\/strong>For one, the technical execution is complex, involving decisions on payment mechanisms, currencies, infrastructure, and cost-sharing. This is compounded by the unpreparedness of some member nations\u2019 central banks to integrate, alongside serious security concerns over a unified system. Some members have also questioned if the substantial setup and maintenance costs of this unified system are justified when compared to existing bilateral trade arrangements.<\/p>\n

Political realities aren\u2019t helping as well<\/strong>, with the bloc's recent expansion to 10 members complicating decision-making. Existing international sanctions on members like Russia and Iran, coupled with the use of several non-convertible currencies within the bloc also present additional obstacles.<\/p>\n

Parallel discussions on investment and finance are taking place: <\/strong>Brics is also working on expanding local currency financing to reduce trade financing costs, Tatiana Rosito, secretary for international relations at Brazil\u2019s Finance Ministry, told Bloomberg. However, discussions around a new investment platform \u2014 reducing dependence on hard currency financing \u2014 have also stalled due to the complexity of the proposals and the need for further technical dialogue.<\/p>\n

The US hangs more tariffs over the bloc: <\/strong>Trump threatened an additional 10% tariff on any country aligning with what he calls \u201cAnti-American\u201d Brics policies, rattling global trade with even more uncertainty. This follows his December threat of 100% tariffs if Brics nations ditched the USD in bilateral trade, a move that paradoxically spurred the bloc\u2019s interest in developing alternative local payment systems.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are modestly inching up in early trading<\/strong>, despite Trump\u2019s new tariff announcements. The Shanghai Composite and Hong Kong\u2019s Hang Seng are both up 0.2%, while Japan\u2019s Nikkei remained virtually unchanged. Meanwhile, Wall Street futures are mostly in the red.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

33,038<\/p>\n<\/td>\n

\n

+0.4% (YTD: +11.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.60<\/p>\n<\/td>\n

\n

Sell 49.74<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 49.61<\/p>\n<\/td>\n

\n

Sell 49.71<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

24.00% deposit<\/p>\n<\/td>\n

\n

25.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,345<\/p>\n<\/td>\n

\n

+0.3% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,007<\/p>\n<\/td>\n

\n

+0.3% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

5,803<\/p>\n<\/td>\n

\n

+0.9% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

6,230<\/p>\n<\/td>\n

\n

-0.8% (YTD: +5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,807<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,342<\/p>\n<\/td>\n

\n

+1.0% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 69.58<\/p>\n<\/td>\n

\n

+1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 3.41<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 3,343<\/p>\n<\/td>\n

\n

0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 109,044<\/p>\n<\/td>\n

\n

-1.1% (YTD: +15.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

878.46<\/p>\n<\/td>\n

\n

+0.1% (YTD: +13.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

145.82<\/p>\n<\/td>\n

\n

-0.1% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

17.79<\/p>\n<\/td>\n

\n

+1.8% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 5.5 bn (10.7% above the 90-day average). Regional investors were the sole net sellers. The index is up 11.1% YTD.<\/p>\n

In the green: <\/strong>Sidi Kerir Petrochemicals (+4.2%), Alexandria Mineral Oils (+3.9%), and Qalaa Holdings (+3.8%).<\/p>\n

In the red: <\/strong>EFG Holding (-2.0%), Emaar Misr (-1.9%), and Beltone Holding (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Trump threatens more tariffs on the bloc and its USD-alternative supporters<\/p>\n","protected":false},"author":1,"featured_media":668022,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7270,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-668021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-brics","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4f12300f-a6d6-453d-9bef-edc4e1e10b06","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/7\/460.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Brics reaffirms commitment to payment system despite slow progress","related_issue":[667999],"teaser":"Trump threatens more tariffs on the bloc and its USD-alternative supporters","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.11fe0d22-a36a-450f-846f-5e1f0f0b90ef.mp3"},"yoast_head":"\nBrics\u2019 alternative payment system seems to drag on - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/08\/brics-alternative-payment-system-seems-to-drag-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brics\u2019 alternative payment system seems to drag on\" \/>\n<meta property=\"og:description\" content=\"Trump threatens more tariffs on the bloc and its USD-alternative supporters\" \/>\n<meta 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