Archive · 13 Sep 2026
BRICS Has No Common Currency Proposal as Local Settlements Continue
BRICS countries are not currently planning to create one shared currency.
Instead, they are discussing how to use their own currencies when trading with one another.
Sudhakar Dalela said these discussions have been happening for some time.
He said using local currencies could make bilateral trade less expensive.
This plan is meant to work alongside the existing global payment system.
It is not meant to replace that system.
The BRICS Payment Task Force is studying ways to make cross-border payments faster and safer.
The countries also recognise that different members may need different solutions.
India’s External Affairs Ministry said BRICS has no current proposal for a common currency.
BRICS members are continuing discussions on settling bilateral trade in their local currencies.
Sudhakar Dalela said local-currency settlement could reduce transaction costs in bilateral trade.
The initiative is intended to complement, not replace, the global payment and settlement system.
The BRICS Payment Task Force will study faster, cheaper, safer, and more accessible cross-border payments.
- Who
- BRICS member countries and Sudhakar Dalela, Secretary (Economic Relations) in India’s Ministry of External Affairs.
- What
- BRICS has no current proposal for a common currency, while discussions on local-currency trade settlement and cross-border payments continue.
- When
- The comments were made on Saturday after the 18th BRICS Summit; the article was published on September 13, 2026.
- Where
- At a media briefing in New Delhi and within BRICS discussions on bilateral trade and payments.
- Why
- To reduce transaction costs, improve cross-border payments, and support trade while complementing the global payment and settlement system.
- Common currency
- No proposal currently exists to introduce a common BRICS currency.
- Local-currency settlement
- BRICS members are discussing the use of local currencies for bilateral trade settlements and investments.
- Potential benefit
- Sudhakar Dalela said local-currency settlement could reduce transaction costs in bilateral trade.
- Global payment framework
- Local-currency settlement is intended to complement, rather than replace, the global payment and settlement system.
- Payment Task Force
- The BRICS Payment Task Force is studying interoperability between cross-border payment and messaging channels.
- Payment goals
- The task force was encouraged to pursue payment solutions that are fast, low-cost, accessible, efficient, transparent, and safe.
- India’s chairship
- The 18th BRICS Summit followed eight months of work under India’s chairship, including more than 350 meetings.
