BRICS Finance Track Focuses on Payments Rather Than Common Currency

The joint statement from BRICS Finance Ministers and central bank Governors avoided mentioning a common currency or replacing the U.S. dollar, opting instead for local-currency settlements.

Iranian President Masoud Pezeshkian and Russian President Vladimir Putin advocated for expanding national-currency trade to reduce vulnerability to political shocks and Western sanctions.

The grouping endorsed the continued work of the BRICS Payment Task Force and the New Development Bank to foster efficient cross-border payments and local-currency financing.