BRICS Summit 2026: Push for Cross-Border Payment Links and Local-Currency Trade

The summit’s concluding session on September 12, 2026 reinforced the same stance, positioning payment-system connectivity—not a new reserve currency—as the primary economic outcome.

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BRICS, originally a five-nation bloc, expanded in 2024–2025 to include Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, Indonesia and a set of partner countries, bringing the total to 11 members. Since the Rio (2014) and Kazan (2015) meetings, the grouping has spoken of “de-dollarisation” but has consistently framed its agenda in technocratic terms. India, the current chair, has highlighted its Unified Payments Interface (UPI) as a model for scalable, low-cost digital payments. The New Development Bank (NDB), created in 2015, is repeatedly cited as a vehicle for local-currency financing of infrastructure projects.

Local-currency trade gets push amid de-dollarisation buzz, no word on BRICS currency

• The International Monetary Fund reported that 13 % of global foreign-exchange reserves were held in non-dollar currencies in the first quarter of 2026.

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• The Bank for International Settlements noted that the U.S. dollar accounted for 89.2 % of all foreign-exchange transactions in April 2025, with the Chinese renminbi at 8.5 %.

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These figures illustrate both the dominance of the dollar and the modest share of alternative currencies, underscoring why BRICS members stress diversification rather than outright replacement.

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• Sanjay Malhotra, Governor of the Reserve Bank of India, said “cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost.”

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Sources differ on whether a single BRICS currency is being considered. Indian officials repeatedly deny any current proposal, while Iranian officials suggest the idea remains under discussion. The lack of a unified stance creates uncertainty for businesses planning long-term cross-border transactions.

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• “The inclusion of India and other developing countries in decision-making structures must be pursued with greater urgency,” — Raja

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• “Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” — Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs

Local-currency trade gets push amid de-dollarisation buzz, no word on BRICS currency

• “These compulsions are coming out of a weaponised dollar and economic order where the United States effectively says that I can sanction you directly or indirectly, and the world is saying that ‘if you have a problem with Iran, deal with it but why can’t my companies engage with Iran simply because you have an extra-territorial jurisdiction over the rest of the world economy’?” — Gaddam Dharmendra

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• “Cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost,” — Sanjay Malhotra, Reserve Bank of India’s (RBI) Governor

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