No proposal for common BRICS currency, says Ministry of External Affairs

At the 18th BRICS Summit held in India, the New Delhi Declaration was unanimously adopted. BRICS leaders called for faster, cheaper, transparent and secure cross-border payments among member nations. However, speculation grew about whether BRICS would launch its own currency to counter the dollar. The Ministry of External Affairs has clarified the position on this matter.

The MEA stated there is currently no proposal to introduce a common BRICS currency. Secretary (Economic Relations) at the MEA, Sudhaker Dalela, said that discussions on local currency trade settlement have been ongoing for over a decade. He emphasized that the objective is not to create an alternative to the existing global financial system, but to make bilateral trade more convenient, cost-effective and efficient.

Dalela explained that member countries are working to develop mechanisms through bilateral and multilateral frameworks that can facilitate trade and investment. The focus is on reducing transaction costs for businesses and improving payment systems within BRICS, rather than establishing a common currency.