BRICS summit expected to focus on local-currency payments, not common currency: GTRI

Source: Moneycontrol | Original Published At: 2026-09-11 13:49:37 UTC

Key Points

• BRICS leaders are meeting in New Delhi on September 12-13, with payment systems and local-currency trade expected to be key discussion areas.
• A GTRI report says BRICS may gradually reduce US dollar use in some transactions but is unlikely to displace the dollar from the international financial system.
• The grouping is expected to focus on practical measures such as national-currency invoicing, settlement arrangements, and links among domestic instant-payment systems.
• The report says a common BRICS currency remains unrealistic without a central monetary authority, shared fiscal rules, and a common monetary policy.
• India prefers bilateral settlement in national currencies, partly due to concerns that a common currency could increase China’s influence within BRICS.
• Discussion areas include China’s CIPS, mBridge, Project Nexus, India’s rupee-settlement arrangements, Russia’s SPFS, and possible central bank digital currency connections.
• The New Development Bank may increase local-currency lending as part of BRICS efforts to strengthen financial resilience and reduce payment costs.