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BRICS Rules Out Common Currency, Focuses on Local Settlements

By Markets Desk · 2026-09-12 · Updated 2026-09-12 14:25 UTC
A stack of various foreign banknotes and coins arranged on a wooden table
Illustration: Tradingbird

India has firmly ruled out the creation of a common BRICS currency, with officials confirming the group is prioritizing local-currency trade settlements to reduce costs. This stance was reinforced following the adoption of the New Delhi Declaration, which emphasizes multilateral trade reform and cooperation on digital infrastructure.

  • GN markets/fx (en-US) reports that India’s foreign ministry has explicitly stated there is no proposal for a shared BRICS currency at this time, clarifying that the bloc is instead focusing on local-currency settlements as a practical tool to lower bilateral transaction costs.

    Source: INDIA New England News

  • India confirmed no plans for a shared BRICS currency, prioritizing local trade settlements instead.

    Source: ANI News
Based on reporting by ANI News and INDIA New England News, compiled by the Tradingbird desk.

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