Archive · 11 Sep 2026
BRICS Finance Leaders Push Local-Currency Trade and Financial Reform
Finance leaders from BRICS countries met to discuss how money can move more easily between their countries.
They supported using national currencies for some trade and investments.
A BRICS group is studying how different payment systems can work together.
The leaders want payments to be fast, affordable, safe and easy to access.
They said countries should choose approaches that fit their own needs.
They also want the IMF, World Bank and other global institutions to give developing countries a stronger voice.
The leaders supported a larger role for the New Development Bank in funding development projects.
They welcomed a plan to use guarantees to attract private investment.
They also agreed to cooperate against tax-related illicit financial flows and promote fair taxing rights.
BRICS finance ministers and central bank governors backed greater use of national currencies for trade and investment.
The BRICS Payment Task Force studied interoperability among payment and messaging systems.
Members called for faster, cheaper, safer and more accessible cross-border payments without imposing one common model.
BRICS urged reforms to the IMF, World Bank and other global financial institutions to increase emerging-market representation.
The group supported expanding the New Development Bank, multilateral guarantees and tax cooperation.
- Who
- Finance ministers and central bank governors from the BRICS countries.
- What
- They discussed local-currency trade, cross-border payment systems, global financial-institution reforms, development finance and tax cooperation.
- When
- The joint statement was issued on Friday, one day before a two-day BRICS Summit.
- Where
- The finance ministers and central bank governors met in Mumbai; the BRICS Summit was scheduled for Delhi.
- Why
- To improve financial cooperation, make cross-border payments more efficient and strengthen the representation and financing of emerging and developing economies.
- BRICS membership
- The statement described BRICS as an 11-country grouping.
- Payment initiative
- The BRICS Payment Task Force is exploring practical solutions for efficient cross-border payments.
- Local currencies
- The task force studied trade settlements and investments using BRICS members’ national currencies.
- Payment goals
- BRICS called for cross-border payments that are fast, low-cost, accessible, efficient, transparent and safe.
- Global institutions
- The group called for reforms to the Bretton Woods Institutions, including greater representation for emerging markets and developing economies.
- New Development Bank
- BRICS encouraged the bank to expand local-currency financing, mobilise resources and support inclusive and sustainable projects.
- Tax cooperation
- Members committed to curbing tax-related illicit financial flows and promoting a fair allocation of taxing rights.
