Unified payment, not BRICS currency, on the table: MEA

Source: The New Indian Express | Original Published At: 2026-09-13 02:09:34 UTC

Key Points

• India's MEA Secretary said there is no proposal for a BRICS currency after the BRICS Leaders’ Summit.
• BRICS countries are discussing greater use of local currencies for trade and payments.
• Local currency settlement was described as a practical mechanism to reduce transaction costs in bilateral trade.
• Sources said there are currently no plans to incorporate a central bank digital currency into a BRICS payment ecosystem.
• BRICS members are seeking to expand intra-BRICS trade and strengthen more efficient payment and settlement mechanisms.