Goyal Says No to Proposed BRICS Currency
India's Commerce and Industry Minister Piyush Goyal has made it clear that his country will not support the introduction of a new BRICS currency. This move is expected to be unwelcome news for critics of the US dollar, who have long advocated for an alternative.
Goyal stated unequivocally at the end of a two-day BRICS Trade and Industry Ministers' meeting in Jaipur that 'India is not in favor of a BRICS currency. We do not support the introduction of any such BRICS currency scheme. India opposes it.'
The creation of a new BRICS currency would likely be funded through central bank allocations based on each member state's economy size, which could give China disproportionate influence over monetary policy, an arrangement that India would never accept.