BRICS Nations Accelerate Push for Trade in National Currencies, Says Brazil’s President

Forget the dollar. The world's largest emerging economies are building their own financial highway.

The De-Dollarization Playbook

Brazil's President just threw gasoline on a simmering fire. The BRICS bloc—Brazil, Russia, India, China, and South Africa—isn't just talking about reducing reliance on the US dollar anymore. They're actively constructing the framework to make it happen. This isn't idle geopolitical chatter; it's a coordinated move to insulate their massive collective economies from Western monetary policy and potential sanctions.

How the New System Cuts Out the Middleman

The plan bypasses the traditional correspondent banking system. Instead of converting Brazilian reais to US dollars to pay for Russian oil, transactions would happen directly between national currencies. It slashes transaction costs, reduces exposure to dollar volatility, and—most critically—builds a parallel financial network. Think of it as a geopolitical VPN for money flows, rerouting trade away from traditional choke points controlled by the West.

The Ripple Effect Beyond Borders

This push turbocharges the relevance of local currency settlement systems already being tested between members. It pressures other commodity-heavy nations and Global South trading partners to join the new system or get left with a weakening hand. The move signals a fundamental shift: economic blocs are now prioritizing sovereignty over the convenience of a universal, but politically weaponizable, reserve currency.

The old guard of finance will call it impractical. But then again, they said the same thing about digital assets before they started eating their lunch—one decentralized transaction at a time.

National Currencies Must Be BRICS’ Preferred Payment: Lula da Silva

The President stressed that BRICS members must trade in national currencies with each other and bypass the US dollar.he said.

The Brazilian leader explained that finance ministers and Central Bank officials need to come up with a solution for BRICS to begin trading in national currencies.

Lula da Silva mentioned that the US will not like the idea of BRICS using national currencies for trade.he summed it up. The topic of using national currencies for trade will be discussed at the next summit in India.