BRICS Payment System: BRICS Cautious in Trying to Distance Itself from the Dollar, Focusing on Payment Systems Rather Than a Common Currency

Source: Dainik Tribune | Original Published At: 2026-09-12 07:00:34 UTC

Key Points

• BRICS finance ministers and central bank governors issued a joint statement after their meeting.
• The statement did not mention a common BRICS currency or make a formal call to remove the US dollar.
• It emphasized interoperable payment systems, transactions in local currencies, and voluntary cooperation among members while respecting national priorities.
• The BRICS Payment Task Force was encouraged to continue work on practical cross-border payment solutions that are faster, cheaper, more accessible, efficient, transparent, and secure.
• Iranian President Masoud Pezeshkian, speaking at the BRICS Business Forum, urged greater use of national currencies and transactions through the New Development Bank to reduce dollar dependence.
• Russian President Vladimir Putin said BRICS should become a new, sustainable platform for global growth amid sanctions and efforts to restrict international trade.
• India's Commerce and Industry Minister Piyush Goyal supported linking BRICS payment systems and expanding the use of frameworks such as India's UPI.