GENERAL14 Sept 2026
BRICS treads carefully on de-dollarisation: Finance track talks payments, not a common currency
BRICS finance ministers and central bank governors met and issued a joint statement that avoids any common currency or replacing the US dollar. Instead, they backed local-currency settlement and better cross-border payment systems. Iran and Russia pushed harder for moving away from the dollar. For Indian businesses trading with BRICS nations, invoicing in local currencies may slowly become more common, so watch your bank's options.
Key Statutory Highlights
- The joint statement after the BRICS Finance Ministers and central bank Governors meeting makes no mention of a common BRICS currency or a formal call to replace the US dollar.
- BRICS encouraged its Payment Task Force to keep working on cross-border payment solutions that are fast, low-cost, more accessible, efficient, transparent and safe.
- Iranian President Masoud Pezeshkian and Russian President Vladimir Putin, speaking at the BRICS Business Forum in New Delhi, pushed for expanding the use of national currencies in trade.
Actionable Advice for Taxpayers / Founders:If you trade with BRICS countries, it may be worth asking your bank whether invoicing or settling in a local currency is possible for you, and keep watching official notifications before changing your contracts.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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