BRICS Begins Reducing Dollar Dependence, But Obstacles Remain

Source: TribunNews.com | Original Published At: 2026-09-16 07:59:50 UTC

Key Points

• BRICS leaders discussed expanding trade in local currencies to reduce dependence on the US dollar.
• South African President Cyril Ramaphosa called for broader use of local currencies and stronger cross-border payment systems.
• Iran and Russia, affected by US sanctions, urged BRICS to develop payment, settlement, and asset storage infrastructure within the bloc.
• Experts said limited financial integration, trade imbalances, and distrust among major members such as China and India hinder de-dollarization.
• The US dollar accounted for 89 percent of the foreign exchange market in April, according to Bank for International Settlements data cited in the article.
• Intra-BRICS trade represented about 5 percent of global trade in 2024, according to a UN Trade and Development report.