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BRICS Just Voted To De-Dollarize, The Dollar Went Up

BRICS Just Voted To De-Dollarize, The Dollar Went Up
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInstitutional Development

Source: Seeking Alpha | Original Published At: 2026-09-15 13:48:00 UTC

Key Points

  • BRICS leaders adopted the New Delhi Declaration on 12 September, covering the group's 11 members.
  • The declaration emphasizes payment infrastructure to facilitate local currency use, not the creation of a common currency.
  • The U.S. dollar remains dominant in global reserves and transactions, with only gradual fractional declines in share over decades.
  • India-Russia rupee settlement experiments show structural limits due to imbalanced trade and non-convertible currencies.
  • Any shift away from the dollar is expected to be slow and unlikely to materially affect U.S. investors or borrowing costs in the near term.
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