BRICS treads carefully on de-dollarisation: Main focus on payments, not a common currency

The BRICS nations have taken a cautious approach to reducing their reliance on the US dollar. They are focusing on developing interoperable payment systems and local-currency settlement, rather than introducing a common currency. This incremental approach aims to promote voluntary cooperation among member countries, respecting their individual priorities and sovereignty. The goal is to increase financial independence and reduce transaction costs, without making any drastic changes to the current global financial system.

Why it matters

The BRICS nations are exploring ways to reduce their dependence on the US dollar. This move could potentially lead to increased economic cooperation among the member countries.

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