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BRICS ministers push local currency trade settlements
The Indian Express··11 Sept
BRICS finance ministers and central bank chiefs backed cross-border payment work and local currency trade settlements in a joint statement. Meetings were held in Jaipur on August 12-13 and in Mumbai on Thursday ahead of the New Delhi summit. Commerce Minister Piyush Goyal urged linking payment systems. RBI Governor Sanjay Malhotra said members are discussing fast payment and CBDC links.
Prism
What It Means For You
- Importers and exporters watching BRICS payment experiments get another official nod for local currency settlement talks.
- India’s rupee import settlements were 8.14 percent, or Rs 1.58 lakh crore, in the first three months of 2026-27.
- That rupee import figure is more than six times the Rs 25,402 crore settled in April-June 2025.
What's Happening
- The joint statement encouraged the BRICS Payment Task Force to keep working on faster, lower-cost cross-border payments.
- Goyal spoke at the BRICS Business Forum opening session calling for deeper, resilient trade among partners.
- SWIFT data cited in the report put the yuan at 3.1 percent of global payments in July versus 50.99 percent for the dollar.
Where Rupee Settlement Stands
- BRICS officials have said they are not seeking to replace the dollar but want a viable efficiency alternative.
- UPI is described as used in around 10 countries in the same report.
- The leaders’ summit in New Delhi starts Saturday after the ministers’ statement.
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