BRICS Keeps De-Dollarisation On A Cautious Track, Payments Take Priority Over Common Currency
New Delhi: BRICS nations are taking a measured approach towards de-dollarisation, focusing on cross-border payment systems and greater use of local currencies rather than pursuing a common BRICS currency. A joint statement following the meeting of BRICS finance ministers and central bank governors made no reference to replacing the US dollar or creating a shared currency. Instead, the grouping…
BRICS nations are maintaining a cautious approach towards de-dollarisation, with current focus on enhancing cross-border payment systems and the use of local currencies. During the BRICS Finance Ministers' and Central Bank Governors' meeting, no reference was made to replacing the US dollar or establishing a shared currency. Instead, the grouping endorsed interoperable payment systems, local-currency settlements, and cooperative efforts based on individual national priorities.
The BRICS Payment Task Force is encouraged to research practical solutions to improve the speed, cost, transparency, and safety of cross-border payments.
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- BRICS treads carefully on de-dollarisation: Main focus on payments, not a common currency economictimes.indiatimes.com
- Bank Indonesia promotes local currency use among BRICS nations en.antaranews.com
