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BRICS nations prioritize local currency trade and payment connectivity
At the 18th BRICS Summit in New Delhi, member nations and partners discussed enhancing economic resilience through the promotion of local currency trade settlements. Indian Ministry of External Affairs Secretary Sudhakar Dalela clarified that while there is currently no proposal for a common BRICS currency, using local currencies serves as a practical mechanism to reduce transaction costs and complement the existing global payment system.
Bank Indonesia Governor Destry Damayanti advocated for increased cross-border payment connectivity and local currency transactions to shield regional economies from geopolitical risks and market fragmentation. In a bilateral meeting, Damayanti and Reserve Bank of India Governor Sanjay Malhotra discussed expanding the Indonesia-India Local Currency Transaction framework, which includes establishing a Bilateral Swap Arrangement and linking QR code payment systems.
Additionally, India's Commerce and Industry Minister Piyush Goyal highlighted the success of the Unified Payments Interface (UPI), noting it is accepted in 11 countries and processes over ₹2,08,33,333 crores annually. He urged BRICS members to integrate payment networks to deepen economic ties. Kadin Indonesia Chairman Anindya Novyan Bakrie also called for concrete market access for Indonesian MSMEs within the BRICS bloc, which represents approximately 40 percent of the global economy.
Entities
BRICS · Bandung · Bank Indonesia · Bank Rakyat Indonesia · Bank Syariah Nasional · Destry Damayanti · India · Indo Premier Sekuritas · Ministry of External Affairs (India) · Piyush Goyal · Reserve Bank of India · Sudhakar Dalela
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] India's Commerce and Industry Minister Piyush Goyal urged BRICS members to integrate payment systems and expand trade in local currencies. www.indiandefensenews.in
- [○ 1 SOURCE] The Unified Payments Interface (UPI) in India is currently accepted in 11 countries. www.indiandefensenews.in
- [○ 1 SOURCE] The goal of increasing local currency use is to shield regional economies from geopolitical risks and global market fragmentation. en.antaranews.com
- [○ 1 SOURCE] Discussions between Indonesia and India included establishing a Local Currency Bilateral Swap Arrangement and linking cross-border QR code payment systems. en.antaranews.com
- [● 3 SOURCES] Bank Indonesia Governor Destry Damayanti called for BRICS nations to accelerate local currency transactions and enhance cross-border payment connectivity. en.antaranews.com · sputnikglobe.com · ekbis.sindonews.com
- [○ 1 SOURCE] Destry Damayanti met with Reserve Bank of India Governor Sanjay Malhotra to discuss expanding the Indonesia-India Local Currency Transaction framework. en.antaranews.com
- [● 4 SOURCES] Local currency settlement is being pursued as a practical mechanism to reduce transaction costs in bilateral trade. madhyamamonline.com · realnewsmagazine.net · www.premiumtimesng.com · dmarketforces.com
- [● 3 SOURCES] Indonesia is encouraging BRICS members to strengthen cross-border payment connectivity and local currency transactions. ekbis.sindonews.com · en.antaranews.com · sputnikglobe.com
- [● 4 SOURCES] There is currently no proposal for a common BRICS currency. madhyamamonline.com · realnewsmagazine.net · www.premiumtimesng.com · dmarketforces.com
- [○ 1 SOURCE] India's Unified Payments Interface (UPI) is currently accepted in 11 countries. www.indiandefensenews.in
- [○ 1 SOURCE] Bank Indonesia and the Reserve Bank of India discussed establishing a Local Currency Bilateral Swap Arrangement and linking QR code payment systems. en.antaranews.com
- [○ 1 SOURCE] The Unified Payments Interface (UPI) processes over ₹2,08,33,333 crores in transactions annually. www.indiandefensenews.in