BRICS Currency Plan Closely Monitored by US, Says Indian Expert

The U.S. is closely monitoring BRICS currency talks, an Indian expert says, as the bloc advances efforts to reduce dollar reliance and boost financial sovereignty.

US Monitoring BRICS Currency Talks, Says Indian Expert

The ongoing push within BRICS to explore dedollarization and introduce a potential BRICS currency has garnered significant attention from global powers, particularly the United States. Indian international relations expert Subhashish Banerjee stated in an interview with Tass that while the U.S. is unlikely to actively disrupt BRICS, it will closely monitor its progress. Banerjee noted:

Discussions about replacing the U.S. dollar with the BRICS currency might have triggered some kind of disbalance in understanding. But I assume that it is absolutely temporary in nature.

The prospect of reducing reliance on the dollar has gained traction among BRICS members, especially Russia and China, as a response to concerns over U.S. economic influence.

India, however, remains cautious about dedollarization. Foreign Minister Subrahmanyam Jaishankar has reiterated that “India has never been a supporter of de-dollarization.” While India opposes the concept of a unified BRICS currency, the bloc is actively promoting the use of local currencies in trade. This approach aims to reduce transaction costs and shield member states from currency volatility linked to the dollar.

Sergey Ryabkov, Russia’s BRICS sherpa, emphasized that the initiative is not about abandoning the dollar but about addressing the consequences of U.S. policies. BRICS members have already initiated steps toward conducting trade in national currencies, with several bilateral agreements signed in recent years. Such efforts mark a broader push for financial sovereignty within the bloc.

The BRICS group currently comprises 10 member nations. Besides Brazil, Russia, India, China, and South Africa, the association recently expanded to include Egypt, Iran, the United Arab Emirates (UAE), Ethiopia, and Indonesia. Additionally, BRICS has established partnerships with a number of countries, further strengthening its influence. The group’s efforts to promote economic cooperation, reduce dollar reliance, and potentially establish a common currency highlight its ambition to reshape the global financial landscape and challenge the dollar’s dominance. #Write2Earn