No Proposal for Common BRICS Currency ‘as of Now’, Says MEA
India says BRICS talks focus on local-currency trade settlements that cut transaction costs, while officials reject any plan for a shared bloc currency.
- At the 18th BRICS Summit in New Delhi on Saturday, Sudhakar Dalela, Secretary , stated "There is no proposal in the BRICS for a BRICS currency, as of now," clarifying that discussions focus on local currency trade to reduce transaction costs.
- Commerce and Industry Minister Piyush Goyal reiterated on August 7 that India does not support introducing a BRICS currency, preferring local currencies to facilitate trade while nations retain their own monetary units.
- The New Delhi Declaration calls for continued efforts to facilitate trade and investment using local currencies and strengthen cross-border payment mechanisms among BRICS member nations.
- President Donald Trump threatened to impose 100% tariffs on BRICS members if they created a common currency, first issuing the warning in November 2024 and repeating it after taking office.
- External Affairs Minister S Jaishankar stated in Doha on December 7, 2024, that BRICS countries had no interest in weakening the dollar, reassuring amid prior tariff threats from Trump.
21 Articles
21 Articles
BRICS has decided to expand trade settlements using member currencies. While this move is seen as an effort to reduce dependence on the U.S. dollar, India, the chair country, drew a line, stating that it is not discussing the creation of a single BRICS currency. According to the Indian Ministry of External Affairs, at the summit held in New Delhi on the 12th (local time), BRICS leaders [discussed] the ‘New Delhi’ which strengthens settlement coo…
(Shanghai=Yonhap News) Correspondent Cha Byeong-seop = Despite U.S. warnings regarding the BRICS group's move to 'de-dollarize,' on the 12th...
Discussions are ongoing to promote trade in local currencies among BRICS countries and reduce transaction costs. Foreign Ministry Secretary Sudhakar Dalela said there is currently no proposal to introduce a common BRICS currency.
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