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The Economic Times

Economy / The Economic Times

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Making a dollar detour: Why BRICS isnt breaking up with the dollar

The latest BRICS declaration emphasizes interoperable payment systems and local currency settlement. It explicitly avoids proposing a common BRICS currency or linking central bank digital currencies. This approach acknowledges the impracticality of a unified currency due to diverse economic conditions. BRICS countries aim to reduce dollar dependence through enhanced payment choices and national currency use. The focus remains on practical cooperation rather than a monetary union.

14 Sep 2026 8:34 pm