BRICS Blocks Common Currency Plan in Favor of Gradual De-Dollarisation

The BRICS bloc has decided against introducing a common currency to replace the US dollar, opting for more gradual measures to reduce dependence on the dollar.

Russia and Iran pushed for stronger de-dollarisation efforts, but the formal statement adopted by the finance ministers and central bank governors focused on interoperable payment systems, local-currency settlements, and voluntary cooperation.

India, which is hosting the 18th BRICS Summit in New Delhi, backed stronger cross-border payment links and local-currency trade, underscoring the bloc's gradual strategy of reducing dollar dependence.

Russian President Vladimir Putin and Iranian President Masoud Pezeshkian called for greater use of national currencies in trade and the development of mechanisms to manage currency risks and facilitate reciprocal settlements.