Growing momentum among emerging economies to reduce reliance on the U.S. dollar has led to increased interest in using national currencies for trade, alongside speculation about a unified BRICS currency. Brazil’s Ambassador to India, Kenneth Felix Haczynski da Nobrega, stated in an interview published by The Hindu on July 5 that BRICS will not introduce a common currency during its 2025 summit in Rio de Janeiro.

As more countries consider alternatives to dollar-based systems, BRICS is encouraging intra-group trade using domestic currencies on a voluntary basis. Addressing the broader discourse, Nobrega explained:

To speak of a BRICS currency… that is something that does not exist, and we are not envisioning creating a BRICS currency in the foreseeable future. What we are envisaging is stimulating businesses of BRICS countries to adopt local currencies as an option for conducting trade.

The summit, held in Brazil, will include participation from newly admitted members, including Egypt, Ethiopia, Iran, the UAE, and Indonesia. Indian Prime Minister Narendra Modi will attend, though the presidents of Russia and China will be absent.

The idea of a common BRICS currency originated from the bloc’s shared goal of reducing dependency on the U.S. dollar and increasing financial autonomy. This initiative was primarily motivated by the desire to create a more balanced global economic order and protect member economies from dollar-related vulnerabilities. Brazil championed the idea to facilitate intra-bloc trade, while Russia supported it as a means to bypass Western sanctions. However, internal differences among members, including economic diversity and concerns about monetary policy control, led to skepticism, especially from India and South Africa. As a result, the bloc shifted focus to promoting local currency trade and alternative payment systems instead.

With growing interest in currency diversification across the Global South, BRICS is exploring localized payment systems without proposing structural shifts to the global monetary order. Nobrega noted that this mirrors existing arrangements such as those within South American trade bloc MERCOSUR, where local currencies have been used for more than 25 years.

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