BRICS Members Favour Local Currency Trade

Source: Times of India | Original Published At: 2026-09-12 00:16:00 UTC

Key Points

• BRICS finance ministers and central bank governors said there cannot be a one-size-fits-all approach to cross-border interoperability of payment and messaging channels.
• The BRICS statement backed further discussions to develop low-cost solutions for cross-border payments and messaging.
• BRICS members were described as favouring local currency trade rather than a common currency.
• The joint statement cited elevated risks to the global economic outlook, including geopolitical tensions, trade fragmentation, protectionism, policy uncertainty, fiscal and inflationary pressures, debt, and financial vulnerabilities.
• BRICS expressed serious concerns over unilateral trade and finance-related actions, including tariffs and non-tariff measures that distort trade and are inconsistent with WTO rules.
• BRICS called for global economic changes to be reflected in IMF shareholding patterns and quota increases, while seeking a review of World Bank shareholding.
• The bloc supported a larger role for the New Development Bank in financing development and infrastructure projects across BRICS and the Global South.