CandleFocus BRICS Leaders Push for Local Currency Network, Diminishing US Dollar Role
2024-10-27
Author: Content Editor
At the 16th BRICS Summit, leaders of the BRICS nations (Brazil, Russia, India, China, and South Africa) expressed their commitment to developing a local currency payment network. This network aims to improve cross-border transactions and decrease dependence on the US dollar. The leaders highlighted the benefits of faster, more efficient, and inclusive cross-border payment instruments and encouraged the use of local currencies for financial transactions between BRICS countries and their trading partners. They also emphasized the role of the New Development Bank (NDB) in supporting infrastructure and sustainable development and called for strengthened corporate governance within the bank. The leaders welcomed the Interbank Cooperation Mechanism (ICM) and directed their finance ministers and central bank governors to further consider local currencies, payment instruments, and platforms. The focus on collaborative financial structures aligns with BRICS' goal of creating a resilient and interconnected financial network to support emerging markets.
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