No proposal for common BRICS currency at present, says MEA

India's Ministry of External Affairs stated on Wednesday that there is presently no proposal for a common currency among BRICS nations. The clarification came a day after India advocated for linking payment systems across the bloc.

The MEA emphasized that the immediate focus remains on facilitating bilateral trade settlements in local currencies among member nations. This approach aims to reduce dependence on foreign reserve currencies in intra-BRICS transactions.