BRICS Pushes Local Currency Trade
India settled 8.14% of imports in rupees in early 2026. The figure marks a six-fold increase from the previous year.
India settled 8.14% of its imports in local currency during the first quarter of 2026. This volume reached 1.58 lakh crore rupees. The figure is six times higher than the 25,402 crore rupees recorded in mid-2025.
BRICS finance ministers called for practical cross-border payment solutions. The joint statement urges the creation of fast and low-cost channels. It emphasizes the use of local currencies for trade and investment.
Leaders demand linked payment systems
Commerce Minister Piyush Goyal addressed the BRICS Business Forum. He urged members to link their digital payment infrastructures. Goyal specifically cited India’s Unified Payments Interface as a model.
The UPI network currently operates in ten countries. Goyal stated that trade should not hinder member growth. He called for diversified supply chains to ensure resilience.
Official statements highlight efficiency goals
Central bank governors met in Jaipur and Mumbai. They acknowledged ongoing studies on payment interoperability. The group rejected a one-size-fits-all approach to currency settlement.
The BRICS Payment Task Force continues its work. The goal is to make transactions more transparent and safe. Officials note significant potential to reduce international payment costs.
Dollar dominance faces structural challenges
The US dollar remains the primary global reserve asset. Central banks hold significant reserves in dollar-denominated instruments. This status has faced pressure since 2022.
The freezing of Russian assets accelerated diversification. Many nations are increasing their holdings of gold. This shift aims to reduce dependency on a single currency.
US President Donald Trump warned against replacing the dollar. He described the currency as essential to national security. BRICS members state they seek a viable alternative for market efficiency.
