BRICS finance track discusses alternative payments, steers clear of common currency
NEW DELHI: BRICS has adopted a cautious approach to reducing dependence on the US dollar, with its finance ministers and central bank governors focusing on improving cross-border payment systems rather than proposing a common currency or seeking to replace the dollar.
A joint statement issued after the meeting made no mention of a common BRICS currency or a formal call for ending the dollar’s dominance. Instead, it emphasised practical measures such as interoperable payment systems, greater use of local currencies and voluntary cooperation among member countries.
The statement said BRICS members respect national priorities while encouraging efforts to make cross-border transactions faster, cheaper, safer and more efficient.
It also acknowledged the work of the BRICS Payment Task Force (BPTF) in exploring “pragmatic solutions” for efficient cross-border payment mechanisms.
“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 bloc said.
The approach reflects the incremental stance adopted by BRICS in recent years, prioritising payment connectivity and local-currency transactions over a sweeping overhaul of the global monetary system
