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BRICS nations commit to expanding local currency payments and BRICS Pay
At the 18th BRICS Summit held in New Delhi, member nations committed to enhancing cross-border payment systems and expanding local currency trading. A key focus of the summit was the development of BRICS Pay, an initiative by the BRICS Business Council designed to facilitate faster, lower-cost, and more efficient financial transactions among member states.
While the summit's joint declaration emphasized the need for interoperable payment and messaging channels, leaders clarified that they are not seeking to replace the US dollar or establish a single common currency. Instead, the goal is to create a suite of options to de-risk trade and financial dealings amid geopolitical tensions and Western sanctions.
The bloc also called for significant reforms to Western-dominated financial institutions, including the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO), to provide developing countries with greater influence in global policymaking. Additionally, the summit addressed the need for increased African representation within the United Nations Security Council and reaffirmed support for the use of national currencies in international trade.
Entities
BRICS · BRICS Business Council · BRICS Payments Task Force · International Monetary Fund · New Delhi · Takshashila Institution · World Bank
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] The summit leaders encouraged the BRICS Payments Task Force to facilitate fast, low-cost, and efficient cross-border payment solutions. haitigazette.com · antiguatribune.com · jamaicainquirer.com · www.aljazeera.com
- [○ 1 SOURCE] The group called for major reforms of the IMF, World Bank, and WTO to increase influence for developing nations. nemosnewsnetwork.com
- [○ 1 SOURCE] The summit declaration supported African demands for increased representation in the UN Security Council. journaldumali.com
- [● 4 SOURCES] BRICS leaders committed to expanding local currency trading and cross-border payment systems at the 18th summit. haitigazette.com · antiguatribune.com · jamaicainquirer.com · www.aljazeera.com
- [● 4 SOURCES] The New Delhi declaration did not indicate an aim to replace the US dollar or create a single common currency. haitigazette.com · antiguatribune.com · jamaicainquirer.com · www.aljazeera.com
- [○ 1 SOURCE] Indonesia became a full member of BRICS in January 2025. www.world-today-news.com