BRICS+ payments system feasible, common currency faces hurdles, report says
BusinessLine 1 hr ago·31 Oct 2026, 4:55 am
A new report suggests that a BRICS+ payments system is technically feasible, but a shared currency remains a distant goal. The group is exploring ways to bypass traditional systems like the SWIFT network to facilitate smoother trade and settlements between member nations.
This development is significant for investors as it highlights the growing push for financial autonomy among emerging economies. While a unified currency is unlikely in the near term, the focus on alternative payment rails could reduce dependency on Western financial institutions and potentially impact global trade flows.
Investors should monitor the progress of these infrastructure projects. Any concrete steps toward a new payment mechanism could alter the landscape of international trade finance, though the long timeline for a common currency means immediate market impact is expected to be limited.
Excerpt from BusinessLine
Cross-border payments have long been on the BRICS agenda, though efforts to integrate members' financial infrastructure have made limited progress BRICS+ countries should press ahead with a joint cross-border payments mechanism to reduce reliance on the US dollar, but a shared currency would face major economic and…Read the original at BusinessLine
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