BRICS Rejects Common Currency Plan

The BRICS summit in New Delhi has backed local-currency settlements and interoperable payment systems. The group stopped short of creating a common currency to challenge the US dollar.

BRICS leaders have chosen a gradual approach to reducing dependence on the US dollar, promoting greater use of local currencies and cross-border payment links. This approach reflects in the New Delhi Declaration adopted by consensus at the 18th BRICS Summit.

The declaration states that member countries are discussing trade settlements and investments in local currencies while respecting national priorities. It also recognizes that there is no one-size-fits-all approach to this issue.