The BRICS, the dollar and SWIFT: A review of evolving interests and monetary reform momentum

Abstract

A collective of emerging markets known as the BRICS (Brazil, Russia, India, China and South Africa, plus five new members as of 2025) is pushing for reform of 20th century global economic currency and international payment norms. Change in the distribution of global economic activity, technological progress, the challenge of updating the system, including institutions such as the World Bank and International Monetary Fund, and recent geoeconomic tensions drive their campaign. This article elucidates that multi-faceted history, its challenges and changes over time, and details of BRICS’ intensifying efforts to reform the international payments-related system, including the use of the SWIFT international payments system, and why. The article points to opportunities to improve the global economic governance status quo, toward which suggestions are offered.