No proposal for BRICS currency as of now, says MEA

Source: The Hindu Business Line | Original Published At: 2026-09-13 03:35:24 UTC

Key Points

• India's External Affairs Ministry said there is no proposal for a common BRICS currency at present.
• The BRICS Payment Task Force will continue exploring efficient cross-border payment mechanisms among member countries.
• The joint declaration did not mention a common BRICS currency or a formal call to replace the U.S. dollar.
• Discussions on trade settlement in local currencies have been ongoing and are viewed as a practical way to reduce transaction costs.
• The declaration emphasizes interoperable payment systems, local-currency settlement, and voluntary cooperation respecting national priorities.
• BRICS members were encouraged to pursue fast, low-cost, accessible, efficient, transparent, and safe cross-border payments.