BRICS Pay vs. the Dollar: What the IMF’s Own Reserve Data Actually Shows

Source: Modern Diplomacy | Original Published At: 2026-08-28 13:38:59 UTC

Key Points

• The article describes BRICS Pay as a mechanism connecting national payment systems to facilitate trade settlement outside dollar correspondent banking.
• It cites India–Indonesia and India–United Arab Emirates local-currency arrangements as examples of expanding bilateral settlement channels.
• It highlights Indonesia's simultaneous participation in BRICS and pursuit of OECD membership.
• It notes that the United Arab Emirates maintains its dollar currency peg alongside local-currency trade settlement.
• The analysis distinguishes alternative payment channels from changes in central-bank reserve holdings.