Story perspectives

BRICS Leaders Discuss Alternatives to US Dollar at Summit

By Drooid · Sep 12, 2026, 6:11 AM UTC · How we work

Summary

India Hosts

India hosts the 18th BRICS Summit in New Delhi on September 12–13, 2026.
Iranian President Masoud Pezeshkian arrived on September 11, 2026 and met Prime Minister Narendra Modi.
South African Minister Ronald Lamola said BRICS expansion strengthens developing countries’ collective voice.
The bloc now has 11 members, representing 49.5% of the world’s population and 40% of global GDP.
Leaders discussed alternatives to the US dollar, including a BRICS Pay system and a common currency.

Summary

India Preps Summit

Workers are beautifying Bharat Mandapam ahead of the September 9, 2026 BRICS Summit.
Xu Feibiao, senior researcher at CICIR, says “Greater cooperation” began after the August 2023 expansion.
Analysts propose a “modular cooperation” model for BRICS sub-groups to collaborate on agriculture or payments.
India’s 2026 BRICS presidency will prioritize interoperability standards and measurable outcomes.
Critics warn added members increase regulatory and currency complexity.

History

Historical Context

After the first BRIC summit in Yekaterinburg on 16 June 2009, Brazil, Russia, India and China created the New Development Bank with $100 billion authorized capital, reflecting their combined 15 percent share of global GDP. The 2026 New Delhi summit, attended by India’s Narendra Modi, Iran’s Masoud Pezeshkian and South Africa’s Ronald Lamola, extends that cooperation toward a BRICS payment system and a shared currency, signaling a push to lessen dollar dependence.

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India Hosts

India hosts the 18th BRICS Summit in New Delhi on September 12–13, 2026.
Iranian President Masoud Pezeshkian arrived on September 11, 2026 and met Prime Minister Narendra Modi.
South African Minister Ronald Lamola said BRICS expansion strengthens developing countries’ collective voice.
The bloc now has 11 members, representing 49.5% of the world’s population and 40% of global GDP.
Leaders discussed alternatives to the US dollar, including a BRICS Pay system and a common currency.

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