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India advances BRICS talks on local currency settlements
Business Standard··2d ago
Department of Economic Affairs Secretary Anuradha Thakur said India has advanced BRICS discussions on cross-border payments and local currency settlements. At the SBI Banking and Economics Conclave she cited work on payment and messaging interoperability. A September 10 BRICS finance ministers statement urged the BPTF to keep seeking practical solutions. She said GDP grew from $2.5 trillion to $4.3 trillion.
Prism
What It Means For You
- Exporters settling in BRICS local currencies would depend on whatever payment rails the talks produce.
- Interoperable messaging channels aim to cut cost and delay on cross-border transfers.
- Thakur said no single template fits every member's national priorities.
What's Happening
- Discussions cover trade settlements and investments using BRICS local currencies.
- Finance ministers and central bank governors issued the supporting joint statement on September 10.
- Thakur linked the work to India shaping rules rather than only seeking a greater voice.
How India frames the talks
- BRICS payment talks sit inside a wider push for alternatives to existing cross-border rails.
- India's GDP figure she cited moves from $2.5 trillion to $4.3 trillion.
- The SBI conclave is where she delivered the update on Wednesday.
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