2 weeks ago
BRICS Pushes Deeper Cross-Border Payments and Local-Currency Settlements
BRICS countries want to make it easier to send money across borders.
They are discussing ways for their payment systems to work better together.
They also want to use their own currencies more often when trading with one another.
This could reduce the need to use other currencies for some transactions.
The group is also focusing on development finance and financial resilience.
These plans are being developed during India's 2026 Chairship of BRICS.
The countries say stronger cooperation could help them handle trade problems and political tensions.
They are also responding to protectionism, fragmented trade, and uncertain policies.
BRICS countries plan to deepen cooperation on cross-border payments.
The grouping will explore trade settlements and investments using local currencies.
Development finance and financial resilience are also priorities under India's 2026 Chairship.
Members are working on making cross-border payment systems interoperable.
The efforts aim to strengthen economic resilience amid geopolitical and trade-related uncertainty.
- Who
- BRICS countries, including member economies working through the grouping's finance track.
- What
- They are deepening cooperation on cross-border payments, local-currency settlements, development finance, and financial resilience.
- Where
- The report is datelined New Delhi; the cooperation concerns BRICS member economies.
- When
- The work is taking place under India's 2026 Chairship.
- Why
- The countries seek stronger economic resilience amid geopolitical tensions, trade fragmentation, protectionism, and policy uncertainty.
Key facts
- Group
- BRICS
- Chairship
- India's 2026 Chairship
- Main focus
- Cross-border payment interoperability
- Currency policy
- Exploring trade settlements and investments using local currencies
- Additional priorities
- Development finance and financial resilience
- Guiding document
- BRICS Finance Ministers and Central Bank Governors' Joint Statement
- Stated challenges
- Geopolitical tensions, trade fragmentation, protectionism, and policy uncertainty
Sources
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