No Proposal for Common BRICS Currency ‘as of Now’, Says MEA
India says BRICS has no common currency plan and is focusing on local-currency trade to cut transaction costs, officials said.
- At the 18th BRICS Summit in New Delhi on Saturday, Secretary Sudhakar Dalela clarified there is no proposal for a BRICS Currency as of now.
- Industry Minister Piyush Goyal stated on August 7 that India does not support any common BRICS Currency, explicitly opposing introduction of such a scheme.
- Discussions on trade settlement in local currencies have been underway for some time, Dalela noted; these mechanisms aim to reduce transaction costs and complement the global payment system.
- The New Delhi Declaration calls for continued efforts to facilitate trade and investment using local currencies, strengthening cross-border payment mechanisms among member countries.
- President Donald Trump threatened 100% Tariffs on BRICS members starting in November 2024 if they attempted to create a Currency to replace the Dollar.
15 Articles
15 Articles
No Proposal For BRICS Currency At Summit ‘As Of Now’: MEA
<p class="isSelectedEnd">There is no proposal for a common BRICS currency “as of now”, Sudhakar Dalela, Secretary (Economic Relations), said on September 12, clarifying that discussions on using local currencies for bilateral trade are aimed at reducing transaction costs.</p> <p class="isSelectedEnd">“Discussions on trade in local currencies have been underway for some time,” Dalela said, adding that India believes the mechanism can help reduce …
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LatestlyNo proposal for BRICS currency as of now, local currency settlements remain focus
There is no proposal at present to introduce a common BRICS currency, while discussions on settling bilateral trade in local currencies will continue as a practical way to reduce transaction costs, Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said on Saturday.
BRICS criticized unilateral trade-distorting customs and non-tariff procedures and called for maintaining the flow of trade, supply and energy chains and promoting practical solutions to cross-border payments.
BRICS treads carefully on de-dollarisation: finance track talks payments, not a common currency
Speaking at the Forum, Iran’s president Masoud Pezeshkian said BRICS should develop a more resilient network of trade, investment and financing and expand the use of national currencies
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