{
  "id": 7407293,
  "title": "BRICS drops common currency push, focuses on cross-border payments",
  "url": "https://urgent.news/2026/09/14/brics-drops-common-currency-push-focuses-on-cross-border-payments",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-14T21:27:00.000Z",
  "source": {
    "name": "Qatar Tribune Business",
    "slug": "qatar-tribune-business",
    "url": "https://www.qatar-tribune.com/article/253826/business/brics-drops-common-currency-push-focuses-on-cross-border-payments"
  },
  "original_language": "en",
  "account": "The 11-nation Brics grouping has abandoned plans for a common currency but pledged to enhance cross-border payment links, according to a 45-page leaders' declaration released at the Brics summit in New Delhi. Analysts interpreted the decision as a strategic shift towards de-dollarisation rather than a retreat from the effort. Sudhakar Dalela, secretary of India’s Ministry of External Affairs, confirmed that there was no proposal for a Brics currency at present. Matteo Giovannini, a non-resident associate fellow at the Beijing-based Centre for China and Globalisation, noted that the new strategy involves building infrastructure to reduce Brics members' dependence on the dollar in practical terms, citing differences in monetary policies, exchange-rate regimes, capital controls, and economic structures as reasons for the more pragmatic approach. The declaration also highlighted that the task force has been examining cross-border interoperability of payment and messaging channels, as well as using local currencies for trade settlements and investments. The concept of a Brics currency gained attention after Brazilian President Luiz Inacio Lula da Silva proposed the idea in 2023, prompting US President Donald Trump to threaten 100% tariffs on Brics countries if they pursued a new currency or replaced the US dollar. However, economists argue that a common Brics currency faces significant challenges due to the lack of a single market, a central body to guide members' policymaking, and differing ambitions among the 11 members to maintain control. Despite the setback on a common currency, analysts believe that the push to reduce reliance on the US dollar will persist using a more pragmatic and incremental approach, with each country building local currency settlement networks, ensuring interoperability within various systems, and improving cross-border interoperability of payment and messaging channels.",
  "summary": "AgenciesWith the 11-nation Brics grouping pledging to boost cross-border payment links but making no move towards establishing a common currency, analysts said the vow marked a shi...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}