No proposal for common BRICS currency ‘as of now’, says MEA
The MEA said the focus was on settling bilateral trade in local currencies, a day after India urged BRICS nations to link their payment systems.
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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