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BRICS Pay versus the Dollar: How the Non-Western World Plans to Reshape Global Finance

Brics Pay gegen den Dollar: Wie der Nichtwesten die globale Finanzordnung umbauen will
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BrazilChinaIndiaIranRussia
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Economic GrowthInstitutional Development

Source: Berliner Zeitung | Original Published At: 2026-08-03 08:54:29 UTC

Key Points

  • BRICS financial cooperation focuses on local-currency trade, non-dollar financing and payment infrastructure rather than an immediate replacement of the dollar.
  • The New Development Bank's 2022–2026 strategy targets up to 30% of financing commitments in local currencies, subject to market conditions, regulation and pricing.
  • According to figures cited in the article, the New Development Bank has approved $42.9 billion in financing for 139 projects.
  • BRICS finance ministers and central bank governors welcomed work on a technical report on cross-border payments in their 2025 joint statement.
  • Consultant Mikhail Nikitin describes BRICS Pay as a concept and collection of pilot solutions requiring common standards and functioning clearing mechanisms.
  • The article identifies currency convertibility, financial-market liquidity, trust and differing monetary frameworks as challenges to deeper financial integration.
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