Local-currency trade gets push amid de-dollarisation buzz, no word on BRICS currency

Source: India Today | Original Published At: 2026-09-13 05:34:15 UTC

Key Points

• India's government said there is no proposal under consideration for a common BRICS currency at present.
• Local-currency settlement for bilateral trade is being discussed as a practical mechanism to reduce transaction costs among BRICS member nations.
• The remarks were made during Day 1 of the 2026 BRICS Summit in New Delhi under India's chairship.
• Commerce Minister Piyush Goyal urged BRICS and partner countries to interlink payment systems and promote trade in local currencies.
• The New Delhi Declaration acknowledged ongoing discussions on promoting trade settlements and investments using BRICS local currencies.
• Speculation about a BRICS currency and de-dollarisation has drawn concerns from the United States, including earlier warnings about possible tariffs.
• BRICS now includes 11 full member countries and represents about 49.5% of the global population, 40% of global GDP, and 26% of global trade.