New Delhi | 12 Sep 2026
The BRICS Summit in New Delhi backed greater use of national currencies in trade and investment, while India clarified that there was no proposal for a common BRICS currency. The discussions focused on reducing transaction costs and improving cross-border payments, according to remarks by India’s BRICS Sherpa Sudhakar Delela.
BRICS Summit Prioritises Local-Currency Trade
Delela, Secretary for Economic Relations in the Ministry of External Affairs, said the emphasis was on expanding trade within BRICS and strengthening engagement with businesses internationally.
The New Delhi Declaration supported further work on connecting payment and messaging systems. It also backed discussions on settling trade and investment transactions in members’ currencies, while recognising that countries would need approaches suited to their circumstances.
These commitments concern cooperation between existing national financial systems; they do not amount to the launch of a shared currency.
Development Finance and Payment Cooperation in Focus
The declaration encouraged the New Development Bank to expand local-currency financing and diversify funding for infrastructure projects. The BRICS Payment Task Force is also examining closer integration of national payment systems to improve the speed and security of international transactions, according to [The Indian Express](https://indianexpress.com/article/explained/brics-new-delhi-summit-declaration-key-takeaways-10875050/).
The financial agenda therefore centres on further technical cooperation and financing initiatives. The commitments should not be read as confirmation that a unified BRICS payment network is already operational.
BRICS Summit 2026, BRICS currency, BRICS local currency trade, New Delhi Declaration, BRICS cross-border payments, New Development Bank
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