Neutral impactEconomy
No proposal for BRICS currency as of now, says MEA
BusinessLine 1 hr ago·13 Sept 2026, 3:35 am
The Ministry of External Affairs has clarified that there is currently no plan to introduce a BRICS currency. This statement directly addresses recent market speculation that the bloc was moving toward a unified currency to rival the US dollar. While the member nations continue to discuss trade settlements in local currencies, a formal proposal has not been made.
This clarification is significant for investors as it tempers expectations of a rapid shift in global trade dynamics. While the long-term goal of reducing reliance on the dollar remains a focus for the BRICS alliance, the immediate future does not include a new shared currency. This news suggests that the US dollar's dominance in international trade will likely remain intact for the foreseeable future.
Investors should watch for upcoming meetings of BRICS finance ministers to see if the discussion on local currency settlements progresses. However, for now, the focus remains on bilateral agreements rather than a collective currency launch. Market volatility driven by this specific rumor is expected to subside.
Excerpt from BusinessLine
BRICS countries are not discussing a common currency ‘as of now’, India’s External Affairs Ministry said on Saturday. Meanwhile, BRICS Payment Task Force will continue exploring ways for cross border payment among member countries. “There is no proposal in the BRICS for BRICS currency as of now,” Sudhakar Dalela,…Read the original at BusinessLine
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