BRICS Ditches Common Currency Plan for Local Payment Systems

The BRICS nations have abandoned their plans to create a common currency, opting for integrated payment systems that allow trade and investment settlements in local currencies.

This decision was reflected in the New Delhi Declaration, which stopped short of endorsing a shared BRICS currency.

The bloc is instead working on making members' payment and messaging systems interoperable, allowing more trade to be settled directly in their own currencies without routing transactions through the US dollar.