BRICS leaders push local currency trade and payment interoperability

Source: Loksatta | Original Published At: 2026-09-11 14:42:44 UTC

Key Points

• BRICS finance ministers and central bank governors issued a joint statement encouraging the use of local currencies for trade and investment among BRICS members.
• The statement also supported connecting member countries' payment systems, with the BRICS Payment Task Force expected to work on practical steps.
• Indian Prime Minister Narendra Modi said BRICS should reduce trade barriers and create opportunities for businesses, noting India's recent free trade agreements with around 40 countries.
• Modi said India's UPI digital payment infrastructure supports a large share of global real-time payments and invited BRICS innovators to build similar digital systems.
• Russian President Vladimir Putin said BRICS' share of the global economy exceeds 40%, framing the grouping as an alternative to Western economic dominance while stating it is not against anyone.
• Iranian President Masoud Pezeshkian urged wider use of national currencies in BRICS trade, arguing that dependence on a few currencies makes the global financial system insecure.
• Officials clarified that BRICS members are not moving toward an immediate common BRICS currency, but are focusing on existing national currencies and interoperable payment arrangements.