No BRICS Currency Proposal ‘As Of Now’, India Says As Bloc Pushes Local-Currency Trade And Cross-Border Payment Links

India has clarified that there is no proposal for a common BRICS currency at present, despite ongoing discussions about trade in local currencies amongst member nations.

Sudhakar Dalela, the Ministry of External Affairs Secretary for Economic Relations, made the statement during a press briefing on Saturday (12 September) following the 18th BRICS Summit in New Delhi.

Dalela emphasised that while discussions on trade in local currencies have been underway for some time, the focus remains on practical mechanisms rather than creating a unified currency.

He described local currency settlement as a practical approach to reduce transaction costs in bilateral trade, designed to complement rather than replace the global payment system.

The statement comes as BRICS countries yesterday adopted the New Delhi Declaration, which voiced serious concern over unilateral tariffs and non-tariff measures that distort trade.

The 45-page declaration indicated that the BRICS Payments Working Group has studied the interoperability of cross-border payment channels and discussed the use of local currencies for trade settlements and investments.

Dalela highlighted that India’s BRICS chairship has resulted in more than 350 meetings held across the country over eight months, producing 150 practical outcomes across four pillars.

Key achievements included strengthening food and health security, BRICS cooperation on mental health, the BRICS MSME cooperation portal, and frameworks for global value chains and logistics.

The use of local currencies within BRICS has increased significantly, particularly following Western sanctions on Russia.

About 96 per cent of India’s trade with Russia now takes place through established rupee-rouble mechanisms, whilst nearly all trade between Russia and China is settled in yuan and roubles.

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