BRICS Focuses on Local Currency Trade Amid Speculation Over Common Currency

BRICS member states are accelerating the adoption of local currency settlements for trade, sidelining discussions about a unified BRICS currency for now. Egyptian Prime Minister Mostafa Madbouly emphasized that this shift eases foreign exchange pressures and fosters balanced trade relationships within the bloc. The 17th BRICS summit in July notably avoided any formal debate on creating a dollar competitor, with Brazil's envoy to India confirming the alliance has no immediate plans for such a move.

Russia remains a vocal proponent of de-dollarization, but the group's current strategy prioritizes bilateral local currency agreements, with potential expansion to multilateral frameworks. The absence of a BRICS currency in near-term plans hasn't extinguished speculation—the idea resurfaces periodically, reflecting lingering ambitions to reshape global financial flows.