No Proposal for Common BRICS Currency As of Now, Says MEA
· World · Hindustan Times, Zee News, ANI
The Ministry of External Affairs clarified on Saturday that there is no proposal among BRICS member nations for a common currency as of now. Secretary of Economic Relations Sudhakar Dalela stated that the current focus is on settling bilateral trade in local currencies to reduce transaction costs. The remarks followed a joint declaration adopted in New Delhi where member states acknowledged efforts by the BRICS Payment Task Force to explore cross-border payment mechanisms. Leaders at the summit also discussed promoting trade settlements and investments using local currencies while respecting national priorities.
Why it matters
The push to settle bilateral trade in local currencies directly impacts cross-border transaction costs and economic engagement for businesses across the BRICS bloc.
Read the original report — Hindustan Times
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