BRICS Currency Proposal Faces Skepticism Among Diplomats and Experts

Diplomats and policymakers at the BRICS+ conference in New Delhi rejected the idea of a shared BRICS currency, citing divergent economic interests among member nations. Montek Singh Ahluwalia, former Deputy Chairman of India’s Planning Commission, argued that practical cooperation—such as trade agreements and knowledge-sharing in manufacturing and energy—would yield greater benefits than a unified currency.

Ahluwalia dismissed the notion as premature, emphasizing that BRICS nations should prioritize internal growth and collaboration before entertaining monetary integration. "The alliance must learn from each other’s successes first," he said, reflecting broader skepticism about the bloc’s readiness for such a step.

The diplomat also questioned BRICS expansion, urging founding members to consolidate their influence as a voice for the Global South before admitting new countries. His remarks underscore the challenges of aligning disparate economies under a single financial framework.