The central banks of the BRICS countries (Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia) have agreed to strengthen international cooperation by promoting an open, inclusive, and rules-based multilateral trading system.

Jakarta (Indonesia Window) – The central banks and finance ministries of the BRICS member countries have agreed to strengthen international cooperation by promoting an open, inclusive, and rules-based multilateral trading system.

BRICS also supports the importance of strengthening inclusiveness and representation of developing countries in global governance, including through strengthened policy coordination and increased transparency and information exchange among members to maintain macroeconomic and financial system stability, Bank Indonesia (BI / the central bank) stated on its website, as quoted by Indonesia Window, Wednesday.

This emerged during the BRICS Finance Ministers and Central Bank Governors Meeting, held on July 4-5, 2025, in Rio de Janeiro, Brazil.

BRICS is an intergovernmental organization consisting of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia.

Bank Indonesia’s Deputy Governor Filianingsih Hendarta and Indonesian Deputy Minister of Finance Thomas A. M. Djiwandono led the Indonesian delegation at the meeting.

Bank Indonesia's active role in BRICS shows the central bank’s support for the government's strategic steps to strengthen Indonesia's global position, open new economic opportunities, and strengthen the country’s strategic role as a bridge between developed and developing countries.

At the meeting, Filianingsih emphasized the importance of maintaining forward-looking monetary policy, and preemptive measures to maintain stability in order to strengthen sustainable economic growth.

BI continues to strengthen its policy mix, including through the implementation of scenario-based simulations to anticipate the impact of global spillovers.

This step is reinforced through close coordination with Indonesia’s Financial System Stability Committee to maintain financial system stability, and is supported by efforts to deepen financial market, enhance regional cooperation as well as promote clear and consistent policy communications to keep expectations and increase policy credibility.

In the future, the BRICS countries agreed to strengthen international cooperation, including exploring opportunities for further cooperation in such strategic areas as payment systems, the international financial safety net (IFS), sustainable financing, and cybersecurity.

Reporting by Indonesia Window