BRICS Abandons Common Currency Plans, Advances National Currency Payments

Source: Portal Mix Vale | Original Published At: 2025-11-24 13:15:05 UTC

Key Points

• BRICS members have abandoned plans for a common currency due to economic disparities, with intra-trade accounting for only 18% of total trade.
• The bloc prioritizes expanding national currency payments through bilateral swap agreements, the BRICS Pay digital platform, and New Development Bank financing in local currencies.
• Brazil's 2025 presidency focuses on implementing 2023 Johannesburg Summit decisions to reduce dollar dependency and enhance financial autonomy.
• The New Development Bank now allocates 30% of loans in non-dollar currencies, while pilot BRICS Pay transactions are underway with plans for gradual 2030 expansion.
• India resists initiatives that might increase Chinese influence, maintaining delicate balance among members' strategic interests.