Suggestions that Brics member states are ready to use an alternative payment system to the SWIFT international payment system in a bid to lessen their reliance on the dollar are premature, especially for SA whose trade is skewed towards the west, says finance minister Enoch Godongwana.

Godongwana, who chairs the Brics (Brazil, Russia, India, China and SA) work stream of finance ministers, says the matter of an alternative payment system away from the internationally recognised SWIFT payment system “has not been sufficiently canvassed as part of our meetings as finance ministers”...

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