BRICS Ditches Dollar Replacing Plan, Focuses on Local Currencies

BRICS nations are taking a measured approach to de-dollarization, focusing on building alternatives around local currencies and cross-border payments rather than replacing the US dollar entirely. The group's joint statement after a meeting of finance ministers and central bank governors made no reference to a common BRICS currency or formal replacement of the dollar.

The statement emphasized interoperable payment systems, local-currency settlements, and voluntary cooperation among members who 'respect national priorities.' It also backed the work of the BRICS Payment Task Force in exploring pragmatic solutions for cross-border payments.

Russian President Vladimir Putin and Iranian President Masoud Pezeshkian made strong cases for reducing dependence on the dollar at the BRICS Business Forum. Pezeshkian argued that the concentration of the international financial system around a limited number of currencies leaves economies exposed to political shocks.