Instead of striving for a single currency, BRICS seeking to reduce dependence on the US dollar and is focusing on improving cross-border payment systems and increasing the use of national currencies in trade.
De-dollarisation was a key theme in remarks by Iranian President Masoud Pezeshkian and Russian President Vladimir Putin at the BRICS Business Forum in New Delhi.
Pezeshkian called for greater use of national currencies in trade among BRICS members and for enhanced financial cooperation, while Putin pointed to changes in the global economic order and the growing role of emerging economies.
Finance ministers and central bank governors from BRICS countries have also supported work on cross-border Payment Task Force. The aim is to develop efficient, secure, low cost and transparent payment mechanisms that will enable the members to maintain their national priorities.
The talks come as BRICS members explore ways to connect their domestic payment systems and settle more trade in local currencies. India’s UPI and Brazil’s Pix are among the systems under consideration to improve cross-border connectivity.
But a common BRICS currency is still a pipe dream. The bloc has abandoned the idea of a single currency and is instead focusing on payment systems and settlements in national currencies, Reuters said.
