New Delhi: Secretary (Economic Relations), MEA, Sudhakar Dalela, centre, with MEA Spokesperson Randhir Jaiswal, left, and Joint Secretary (Multilateral Economic Relations) Shambhu L Hakki during a press briefing on the sidelines of the 18th BRICS Summit, in New Delhi, Saturday, Sept. 12, 2026.
| Photo Credit:
ATUL YADAV
BRICS countries are not discussing a common currency ‘as of now’, India’s External Affairs Ministry said on Saturday. Meanwhile, BRICS Payment Task Force will continue exploring ways for cross border payment among member countries.
“There is no proposal in the BRICS for BRICS currency as of now,” Sudhakar Dalela, Secretary (Economic Relations), External Affairs Ministry said in a press conference here. In fact, the joint declaration issued during summit meeting here did not mention such a common currency or a formal call for replacement of the U.S. dollar. Instead. Rather the document sticks to the more incremental, technocratic language the bloc has used since Rio and Kazan: interoperable payment systems, local-currency settlement and voluntary cooperation among members who ‘respect national priorities.’
Dalela said that discussion on trade settlement in local currency has been underway for some time. “We believe local currency settlement is a practical mechanism to reduce transaction cost to in bilateral trade, and this has been encouraged as a complementary to global payment settlement system, improving overall global trade across nations,” he said.
Earlier, the joint declaration acknowledged the efforts of the BRICS Payment Task Force (BPTF) towards exploring pragmatic solutions for efficient cross-border payment mechanisms, drawing on the guidance, provided by leaders in the Kazan and Rio Declarations, on the BRICS Cross-Border Payments Initiative. In this regard, “we acknowledge the work done to study the cross-border interoperability of payment and messaging channels, and the discussions on promoting trade settlements and investments using BRICS local currencies, while respecting national priorities and acknowledging that there is no one-size-fits-all approach,” it said.
Further, “We encourage the BPTF to continue discussions, building on the ongoing work, to facilitate practical solutions for cross-border payments among BRICS countries, which are fast, low-cost, more accessible, efficient, transparent, and safe,” the statement said.
Published on September 13, 2026
