BRICS Cuts Ties with US Dollar Speculation, No Common Currency in Sight

The BRICS Summit in New Delhi has sparked speculation about the group's plans for a common currency, but an Indian foreign ministry official has clarified that no such plan is currently under consideration.

Sudhakar Dalela, Secretary for Economic Relations at India’s Ministry of External Affairs, stated during a media briefing that 'There is no proposal in the BRICS for a BRICS currency, as of now.' He emphasized that discussions on settling trade in local currencies have been ongoing and are aimed at reducing transaction costs.

The clarification comes amid years of speculation about the potential creation of a BRICS currency to reduce dependence on the US dollar. However, Indian Commerce and Industry Minister Piyush Goyal's recent call for closer payment-system links and greater use of local currencies did not mention a common currency.