Moreover, the outcome from the wavelet a quantity of cross correlations indicates that the RFSI is the primary mover at most time scales for the BRICS economies. We confirmed from the findings that the COVID-19 pandemic had an adverse impact on the contribution of RFSI to GDP when the pre-COVID-19 pandemic evaluation was conducted for the a number of wavelet. Consequently, it was clear that the GEPU had less tendency to drive the RFSI and GDP for all economies in the pre-COVID-19 pandemic pattern. In this sense, our study demonstrates that the relationship between the monetary sector index and financial development is time-varying and must be observed with exterior uncertainty shocks in perspective. “Bank of America” and “BofA Securities” are the advertising names utilized by the Global Banking and Global Markets divisions of Bank of America Corporation.