For a grouping often associated with the idea of loosening the dollar’s grip on global finance, BRICS is taking a measured route, focusing less on replacing the US currency and more on building alternatives around local currencies and cross-border payments.
The joint statement issued after a meeting of BRICS finance ministers and central bank governors makes no reference to a common BRICS currency or a formal move to replace the dollar. Instead, it emphasises interoperable payment systems, local-currency settlements and voluntary cooperation that respects national priorities.
