BRICS not planning separate currency, says India's foreign ministry

India's foreign secretary Sudhaker Dalela has ruled out any immediate plan to introduce a unified BRICS currency, addressing speculation about the bloc's monetary ambitions. Dalela stated that there is currently no formal proposal under consideration for a common BRICS currency.

The clarification comes as BRICS member states—Brazil, Russia, India, China, and South Africa—have been actively exploring ways to reduce reliance on the US dollar in cross-border transactions. Discussions have focused on promoting trade settlements in local currencies to lower transaction costs and enhance financial independence.

While BRICS nations have expressed interest in strengthening their financial cooperation, India's foreign ministry indicated that such efforts remain focused on bilateral and multilateral trade arrangements rather than the creation of a shared currency. These discussions form part of broader efforts to build alternative financial mechanisms within the grouping.

The statement underscores the distinction between BRICS nations' efforts to diversify currency usage in their mutual trade and more ambitious proposals for a unified monetary system. Officials indicated that the bloc continues to prioritize practical measures to facilitate commerce among member states while maintaining their respective monetary sovereignty.