BRICS treads carefully on de-dollarisation: Main focus on payments, not a common currency
There is no mention of a common BRICS currency or a formal call for replacement of the US dollar. Instead, the document sticks to the more incremental, technocratic language the bloc has used since Rio and Kazan: interoperable payment systems, local-currency settlement, and voluntary cooperation among members who "respect national priorities."
The Ministry of External Affairs (MEA) has clarified that there is currently no proposal for a common BRICS currency. A spokesperson for the MEA, Sudhakar Dalela, stated that the bloc's focus remains on settling bilateral trade in local currencies to reduce transaction costs. This comes after India urged BRICS nations to link their payment systems to enable trade in local currencies.
The joint declaration adopted by BRICS member states unanimously acknowledged the efforts to study cross-border interoperability of payment channels and promote trade settlements in local currencies. The bloc encouraged the BRICS Payment Task Force (BPTF) to continue discussions on practical solutions for cross-border payments among BRICS countries.
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Also reported by 4 other outlets
- BRICS Keeps De-Dollarisation On A Cautious Track, Payments Take Priority Over Common Currency freepressjournal.in
- No proposal for common BRICS currency ‘as of now’, says MEA hindustantimes.com
- Brics nations to have a common currency? Here’s what MEA said timesofindia.indiatimes.com
- Bank Indonesia promotes local currency use among BRICS nations en.antaranews.com
