Iranian President Masoud Pezeshkian has called for expanding the use of national currencies in intra-Brics trade, according to state news agency IRNA.

In a speech at the BRICS Economic Summit of Heads of State in New Delhi, Pezeshkian said the use of national currencies must come with systems to manage currency risk and mutual settlement, as the current financial system is “vulnerable to political shocks due to its focus on a limited number of currencies”, it adds.

According to the agency, he adds that US and Israeli aggression has “once again revealed that economic security is inseparable from national and regional security and could affect regional stability and even the global economy”.