💱 BRICS dedollarization — yes. A common currency — not for now

India has officially clarified how far the BRICS countries are currently prepared to go in moving away from the dollar. Sudhakar Dalela, a spokesperson for India’s Ministry of External Affairs, stated that there is currently no project for a common BRICS currency.

At the same time, New Delhi fully supports a more practical option: expanding trade in national currencies, linking national payment systems, and increasing lending by the New Development Bank in local currencies. This exact approach is also reflected in the outcomes of the BRICS summit.

No one is planning to abolish the dollar tomorrow. The strategy is far more prosaic: to ensure that, for an ever-larger share of trade within the BRICS, it is simply no longer the obligatory intermediary.


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