India Says No Plans for a Shared BRICS Currency Yet

When reporters gathered outside the venue of the 18th BRICS summit in New Delhi, they heard a clear, un‑embellished answer from Sudhakar Dalela, the Ministry of External Affairs’ Secretary for Economic Relations: ‘There is no proposal for a common BRICS currency at present.’

Dalela’s remarks weren’t a surprise, but they helped put to rest a swirl of speculation that had been drifting through diplomatic corridors and social‑media feeds. While the idea of a single BRICS coin sounds tempting to some, the reality, according to the Indian official, is far more modest. The focus, he explained, is on making it easier for member nations to settle trade in their own currencies – a practical step meant to trim the fat off transaction costs.

"Discussion on trade settlement in local currency has been underway for some time in BRICS; it’s not a new subject," Dalela told the media after the summit. He was quick to add that such arrangements are meant to complement, not replace, the existing global payment and settlement framework. In other words, local‑currency deals are a shortcut, not a detour, from the current system.

The New Delhi Declaration, which wraps up the summit’s outcomes, echoed this sentiment. It recognised ongoing talks about promoting trade and investment using the domestic currencies of BRICS members, while also respecting each country’s own priorities. The declaration highlighted the work of the BRICS Payment Task Force (BPTF), which is busy studying how to make cross‑border payment and messaging channels more interoperable. The goal? Faster, cheaper, and safer transactions that sit comfortably alongside the global system.

Dalela also took a moment to reflect on the broader effort that brought the summit to this point. Under India’s chairmanship, more than 350 meetings were held across thematic clusters, ministerial gatherings, working groups, and business sessions over the past eight months. The agenda was packed – from the fallout of regional conflicts to lingering economic uncertainties – but the recurring theme was the same: dialogue and diplomacy matter.

So, to sum up, while the notion of a single BRICS currency remains on the drawing board (if it’s even there at all), the real work is happening in the trenches of bilateral trade settlement. It’s a quiet, incremental push to make cross‑border commerce smoother, cheaper, and more resilient – and, for now, that’s where the momentum lies.