Challenge to Dollar Dominance by BRICS Currency? How Far Has the Plan Reached?

Source: Aaj Tak | Original Published At: 2026-09-13 06:50:35 UTC

Key Points

• The Indian government clarified that there is currently no proposal for a common BRICS currency.
• Foreign Secretary Sudhakar Dalela said BRICS discussions are focused on strengthening bilateral trade and payments in local currencies to reduce transaction costs.
• Commerce Minister Piyush Goyal urged BRICS members and partner countries to connect payment systems and expand local-currency trade at the BRICS Business Forum 2026.
• The New Delhi Declaration refers to ongoing discussions on using local currencies for trade and investment while respecting national priorities.
• The article notes earlier U.S. warnings from Donald Trump about possible 100% tariffs if BRICS countries create or support an alternative to the U.S. dollar.
• BRICS now includes 11 full members and several partner countries, representing about 49.5% of the world’s population, 40% of global GDP, and 26% of global trade.