BRICS Takes Cautious Route Around Dollar Dominance
The BRICS nations have taken a cautious approach to challenging the dominance of the US dollar in international trade, focusing instead on developing interoperable payment systems and local-currency settlement.
A joint statement from the finance ministers and central bank governors of BRICS nations does not mention a common currency or a formal call for replacing the US dollar.
Russian President Vladimir Putin and Iranian President Masoud Pezeshkian spoke at the BRICS Business Forum in New Delhi, where they emphasized the need to reduce dependence on the US dollar and develop alternative payment mechanisms.
Pezeshkian argued that the international financial system's concentration around a limited number of currencies leaves economies vulnerable to political shocks. He pointed to the NDB as an institution that could facilitate transactions among members without reliance on the US currency.