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National currency use, NDB role to mobilise capital to top BRICS agenda

National currency use, NDB role to mobilise capital to top BRICS agenda
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: The Financial Express | Original Published At: 2026-09-08 12:56:16 UTC

Key Points

  • The BRICS Summit under India's 2026 chairship is expected to prioritize financial cooperation among member countries.
  • Discussions will focus on reducing dependence on major international currencies and expanding the use of national currencies in mutual settlements.
  • BRICS Finance Ministers and Central Bank Governors will meet in Mumbai on September 9-10 to refine proposals ahead of the Leaders' Summit.
  • Greater use of members' own currencies is expected to facilitate trade and investment while reducing exposure to external currency and financial market shocks.
  • The role of the New Development Bank in attracting private capital to development projects across BRICS countries will be discussed.
  • Leaders are also likely to address financial risk management, liberalisation, and broader global and regional economic trends.
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