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BRICS Builds Momentum for Local Currencies

BRICS builds momentum for local currencies
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional Development

Source: The New Indian Express | Original Published At: 2026-09-12 03:08:18 UTC

Key Points

  • BRICS finance ministers and central bank governors issued a statement promoting trade settlements and investments in local currencies.
  • The BRICS Payment Task Force is studying interoperability of cross-border payment and messaging channels.
  • The statement called for faster, cheaper, more accessible, efficient, transparent, and safe cross-border payments among BRICS members.
  • No common BRICS currency was proposed in the statement.
  • Members supported further technical discussions on settlement and depositary infrastructure, including a workshop held during India's BRICS chairship.
  • The statement noted progress on a BRICS Customs Mutual Administrative Assistance Agreement, with some members giving in-principle approval subject to domestic processes.
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