BRICS Could Move Beyond Dollar, But Not Towards A Single Currency

Source: Outlook Business | Original Published At: 2026-09-15 11:09:02 UTC

Key Points

• The 18th BRICS Summit did not create a common BRICS currency or link members' central bank digital currencies.
• The New Delhi Declaration emphasized practical steps such as greater use of national currencies for trade, easier cross-border payments and local-currency financing.
• A single BRICS currency would require much closer coordination of monetary and economic policies among the 11 members.
• Local-currency settlement and currency swaps are presented as more feasible ways to reduce dependence on the US dollar.
• Currency controls, convertibility, liquidity and compliance remain obstacles to wider use of national currencies in BRICS trade.
• The US dollar remains deeply embedded in global finance because of market liquidity, network effects, commodity pricing and established financial infrastructure.
• BRICS is pursuing gradual alternatives to make the dollar less necessary for member transactions rather than replacing it immediately.