BRICS Not Planning Alternate Currency, Brazil’s Ambassador Clarifies
Brazil’s ambassador to India has dismissed growing speculation about the BRICS bloc introducing its own common currency, stating clearly that there is no plan at present to move forward with such an initiative.
BRICS currency
Speaking amid the ongoing BRICS Summit, Ambassador Jorge Marcelo Amado emphasized that while cooperation on trade and finance remains a priority, the formation of a shared currency is not under active consideration. He clarified that the bloc is focused on enhancing payment systems, trade settlement in local currencies, and exploring infrastructure financing—not pursuing immediate monetary union.
Financial cooperation
Ambassador Amado highlighted ongoing initiatives aimed at reducing dependency on major global currencies, particularly the U.S. dollar. Member countries are increasingly favouring bilateral trade in national currencies, supported by banking cooperation and infrastructure investment platforms. However, no unified currency project exists within official BRICS discussion frameworks.
Strategic context
This clarification follows months of media speculation and discussion among some policymakers and analysts who view a BRICS currency as a potential tool for economic autonomy. Ambassador Amado stated that while such ideas may appear in think-tank reports or academic circles, there has been no formal mandate or agenda item within BRICS summits or ministers’ meetings to pursue this path.
Next steps
Looking ahead, the ambassador expects BRICS members to continue deepening coordination on settlement systems, financial infrastructure, and credit facilities tailored for development projects and trade. Concrete steps could include strengthening the New Development Bank and enhancing swap lines—but not the launch of a shared currency.
