BRICS to boost global stability, prosperity: Indonesian President
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At SPIEF 2025, Indonesian President Prabowo Subianto highlighted BRICS' role in global stability and prosperity, thanking member states for backing Indonesia’s membership bid.
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Indonesia's President Prabowo Subianto speaks at a plenary session of the St. Petersburg International Economic Forum in St. Petersburg, Russia, Friday, June 20, 2025 (AP)
The BRICS nations will play a major role in enhancing stability and fostering global prosperity, Indonesian President Prabowo Subianto stated on Friday, emphasizing their potential impact on the world stage.
"Together with BRICS, we can make a significant contribution to global stability and prosperity," Indonesian President Prabowo Subianto emphasized during his address at the plenary session of the 2025 St. Petersburg International Economic Forum (SPIEF).
Expressing his gratitude, Indonesian President Prabowo Subianto extended thanks to the leaders of Russia, Brazil, China, and South Africa for their support of Indonesia's bid to join BRICS.
Currently hosting the 28th edition of SPIEF from June 18-21 in St. Petersburg, the forum operates under the theme "Shared Values: The Foundation of Growth in a Multipolar World," with Rossiya Segodnya International Media Group, the parent company of RIA Novosti, serving as the event's information partner.
The SPIEF is an annual Russian business forum, which has been held in St. Petersburg since 1997, and aims to provide governments and businesses with the help they need to overcome geographic and informational barriers between Moscow and other countries.
A quarter of BRICS investments use national currencies
According to BRICS New Development Bank chair Dilma Rousseff, approximately 24% of investment transactions and 31% of capital formation operations are now being carried out in national currencies. The statement came during the China–Community of Latin American and Caribbean States (CELAC) Forum in Beijing on May 13.
Rousseff emphasized the bank's growing preference for national currencies over the US dollar in regional transactions, noting that "adopting local currencies has emerged as a defining characteristic of the New Development Bank's operations."
Highlighting the increasing proportion of capital operations conducted in national currencies, Rousseff noted that this trend demonstrates the New Development Bank's distinctive position as a pioneer of financial innovation within emerging markets.
Rousseff observed that the bank is attracting increasing attention from nations beyond the founding BRICS members, indicating its expansion into a more inclusive mechanism for Global South collaboration, as she remarked, "This reinforces the bank's function as a cooperative platform for Global South nations."
