BRICS Local Currency Trade: Is De-Dollarisation Challenging the US Dollar Monopoly?

Source: Aaj Tak | Original Published At: 2026-09-10 02:47:19 UTC

Key Points

• The 18th BRICS Summit is scheduled for 12-13 September at Bharat Mandapam in New Delhi, with India hosting and major member countries participating.
• The summit agenda includes reducing reliance on the US dollar in global trade, promoting local-currency settlement, strengthening energy security, and sharing digital payment systems.
• BRICS has expanded to include Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia and the United Arab Emirates as full members or partners, representing about 45% of the global population and over 30% of global GDP.
• Some BRICS trade is already settling in local currencies; China-Russia bilateral trade is reported at over 95% in yuan and rubles, while BRICS internal non-dollar trade is around 65%.
• India has allowed more than 100 banks from over 20 countries to open Special Rupee Vostro Accounts, with transactions reportedly growing 30-40% annually.
• The article notes challenges to wider de-dollarisation, including trade imbalances, currency volatility and limited international acceptability of some BRICS currencies.
• The US dollar still accounts for over 85% of global trade settlement, and BRICS local-currency efforts remain largely bilateral.