Cryptocurrencies

BRICS sees national currency settlements surpass dollar payments

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The BRICS bloc has made significant progress in reducing its reliance on the U.S. dollar, with trade settlements in national currencies now surpassing those conducted in USD. 

This development is part of the organisation’s broader de-dollarisation strategy, aimed at facilitating international trade among member nations like Brazil, Russia, India, China, South Africa, and others, without the additional expenses tied to dollar transactions. 

Samip Shastri, Deputy Chairman of the BRICS Chamber of Commerce and Industry, shared these insights during the "Cloud Cities: Forum on the Future of BRICS Cities" held in Moscow. 

Speaking to local media, Shastri revealed, “I believe that the volume of use of national currencies has already exceeded the volume of use of dollars. Countries are very happy to trade using their currencies.” 

This shift, he emphasised, eliminates the costs associated with converting payments into dollars, making transactions more efficient. 

The push for national currency settlements among BRICS members has gained momentum in recent years. 

In the final declaration of the bloc's 15th annual summit, leaders emphasised the importance of national currencies for creating a more stable global financial system. 

South Africa’s BRICS Sherpa, Anil Sooklal, echoed these sentiments in May, noting that the use of national currencies would help the group establish a more balanced global financial architecture. 

In addition to reducing dependence on the dollar, Shastri mentioned that BRICS nations are exploring the feasibility of incorporating digital currencies into their trade arrangements. 

This consideration signals the group’s forward-thinking approach to finance and reflects its commitment to evolving global trade practices. 

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