No proposal for BRICS currency as of now, says BRICS India Sherpa
This story was originally published at 20:06 IST on 12 September 2026
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--BRICS India Sherpa: There is no proposal for BRICS currency as of now
NEW DELHI – There is no proposal among member countries as of now for a common BRICS currency, India's BRICS Sherpa Sudhakar Dalela said at press briefing Saturday. "There is no proposal in the BRICS for a BRICS currency as of now. I would like to say that all these questions about trade in local currency and other payment system, the focus is how we can do more intra-BRICS trade and how we can engage with the global business community actively and reduce transation cost," he said.
India is hosting the 18th BRICS Summit on Saturday and Sunday. India's chairship is guided by the theme "Building for Resilience, Innovation, Cooperation and Sustainability". The BRICS group comprises 11 countries--Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates.
US President Donald Trump in 2024 had threatened 100% tariff on exports from BRICS nations to the US if these countries attempted to replace the dollar as the trading currency. The lack of mention of a BRICS currency comes after at its 2023 summit, the BRICS nations agreed to look at the feasibility of a new common currency. The proposal was put forth by the Brazilian President Luiz Incio Lula da Silva.
In the New Delhi Declaration adopted at the 18th BRICS Summit Saturday, the BRICS nations pushed for deeper economic cooperation and called for further work on a cross-border payments system, including linkage between payments and messaging systems and increased use of local currencies for trade settlement and investment.
"Discussion on trade settlement in local currency has been underway for sometime in BRICS, its not a new subject, maybe more than a decade we have been discussing it," Dalela said. "We believe local currency settlement is a practical mechanism to reduce transation cost." End
Reported by Pratiksha and Sagar Sen
Edited by Akul Nishant Akhoury
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